I've tested it on a 32 MB SD card, but it should fit on a 8 MB card.
You shouldn't need any special tools to burn it. Just format a small SD card as FAT and unzip the content of this archive:
http://sourceforge.net/projects/jbit/fi ... p/download
It's just a first preview and it's not complete yet (e.g. no non-US keymaps are included), but it should be usable.
It's based on jbit and cc65. I've used rpi-buildroot to build the ramdisk and I've taken the firmware/config from berryboot.
EDIT: Final version (2.0.0) released. Link updated.