i would like to forward the ttyO2 port where first login comes up and gives a bash.
That is not possible.
The output of a device cannot be redirected somewhere else from within the kernel.
There are external hardware solutions, such as serial-to-Ethernet converters (aka modem replacement devices).
However the logical console does not have be be assigned (solely) to the serial port.
The console can also be assigned to the "netconsole", which will output most of the kernel boot messages. Once the kernel has booted, you can telnet or ssh into the system.
The Linux kernel documenation describes its features and use.
The netconsole and Ethernet driver(s) have to be built-in to the kernel (i.e. cannot be loadable modules), so you may have to reconfigure and build a kernel for your Pandaboard.
The kernel command line would have to be edited to activate the netconsole:
src-port source for UDP packets (defaults to 6665)
src-ip source IP to use (interface address)
dev network interface (eth0)
tgt-port port for logging agent (6666)
tgt-ip IP address for logging agent
tgt-macaddr ethernet MAC address for logging agent (broadcast)