Thank you very much for your help on the second issue! I was unaware of the fact that another mkimage call is necessary. After taking a look at the the references you provided, I was able to boot the system from an initramfs.
However, my current approach requires two manual steps after running Yocto: I need to call mkimage on the cpio.xz file and to extend/configure the U-Boot environment in the running system. Is there a way to automate this?
More specifically, is it possible to...