The following HowTo is written for the MR3020, but usually the most OpenWRT based routers work in that way with the failsafe mode.
YouTube video (demo): http://youtu.be/axQvgqvlhcU
192.168.1.2
with subnet mask '255.255.255.0' (This step differs from OS to OS of your computer.)192.168.1.1
(this is the failsave IP) infinitelytelnet 192.168.1.1
mount_root