If you have BOOT1.ELF in BxDATA-SYSTEM, or BOOT and hold R1 while restart, it should.
You can also try to reconfigure the CNF, if you get it in a way (like Memor32s Savegame-Manager.)
Edit: Oh,... I see...
I really doubt, it (<--the Savegame-Manager-Issue) is because of the "proper" filesystem from FMCB, or was FAT-Trick from FMCB involved?
Btw.: @Paradigmsick: Is the ELF really renamed to "RESCUE.ELF" in BIG CAPITAL LETTERS?
It also reminds me to the "Issues", someone mentioned with uLE.
I know this effects from elsewhere, but my doubts surly can be wrong.
PS2 V7/DMS3 V2 (FW:2.4b7); Seagate Baracuda 200GB
PS2 V7/CC1.0 (FW:34 hacked v2 BM:2.1.6); Maxtor DiamondMAX9 PLUS 160GB
PS2 SCPH-30004R; NoMod+NoLaser
3xSony MC 8MB
MAX/Datel 16MB with Boot-CD
Custom FMCB 1.8b+ Beta-Build, my AIO 0.5, Sony&xRhino-Linux