kumquat-buildroot/board/qemu/nios2-10m50
..
linux.fragment
readme.txt

Run the emulation with:

  qemu-system-nios2 -kernel output/images/vmlinux -nographic # qemu_nios2_10m50_defconfig

The login prompt will appear in the terminal that started Qemu.

Tested with QEMU 2.12.0.