I have the same Kernel Panic problem on my ASUS M2NBP-VM CSM board.

Please note:  not only does "noapic" fix the problem, but so does
removing the "splash" option.

The timer bug is still present in dmesg, but I get a kernel panic with
"splash" and no kernel panic without "splash".

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MP-BIOS bug on Asus Pundit1 AH2 (Kernel panic)
https://bugs.launchpad.net/bugs/76989
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