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...
  1. have Yocto generate an initramfs.cpio.xz.uboot file instead of just an initramfs.cpio.xz file and to
  2. modify the default environment that Yocto will compile into the U-Boot binary?