I was just about to say you must be wrong because the nfo states that V2 works on the Cyclo. So i tried it for myself and your right, it just comes up with a black screen saying the save data could not be accessed.
If more people confirm that V2 isn't working on Cyclo with 1.54b4 then i will amend the main post
i just looked at GBAtemp and it appears its not just 1.54b4 but earlier as well. from what i've seen only people using the DSLazy / ARM9 method are getting it to work on their cyclo