I downloaded and installed the minimals. Running LuaTeX MKIV then  
hangs in TeXShop and must be aborted. Does someone knows what is amiss  
here?

I use the following runscript in TeXShop:
#!/bin/bash
export MINIMAL="$HOME/TeX/context/beta"
$MINIMAL/tex/setuptex
export PATH=$MINIMAL/tex/texmf-osx-ppc/bin:$PATH
export TEXMFCACHE="$MINIMAL/tex/texmf-cache"
context "$1"

Minimals:

Setting "/Users/hans/TeX/context/beta/tex" as TEXROOT.
This is LuaTeX, Version beta-0.42.0-2009071723
  \write18 enabled.
(reign.tex
ConTeXt  ver: 2009.07.23 20:11 MKIV  fmt: 2009.8.3  int: english/english
system          : cont-new loaded
(/Users/hans/TeX/context/beta/tex/texmf-context/tex/context/base/cont- 
new.tex
systems         : beware: some patches loaded from cont-new.tex
(/Users/hans/TeX/context/beta/tex/texmf-context/tex/context/base/cont- 
new.mkiv))
system          : cont-fil loaded
(/Users/hans/TeX/context/beta/tex/texmf-context/tex/context/base/cont- 
fil.tex
loading         : ConTeXt File Synonyms
)
system          : cont-sys loaded
(/Users/hans/TeX/context/beta/tex/texmf-local/tex/context/user/cont- 
sys.tex)
system          : reign.top loaded
(reign.top)
fonts           : preloading latin modern fonts
(/Users/hans/TeX/context/beta/tex/texmf-context/tex/context/base/type- 
tmf.tex (/Users/hans/TeX/context/beta/tex/texmf-context/tex/context/ 
base/type-tmf.mkiv)) (/Users/hans/TeX/context/beta/tex/texmf-context/ 
tex/context/base/type-siz.tex (/Users/hans/TeX/context/beta/tex/texmf- 
context/tex/context/base/type-siz.mkiv)) (/Users/hans/TeX/context/beta/ 
tex/texmf-context/tex/context/base/type-otf.tex (/Users/hans/TeX/ 
context/beta/tex/texmf-context/tex/context/base/type-otf.mkiv)) (/ 
Users/hans/TeX/context/beta/tex/texmf-local/tex/context/user/type- 
luc.tex) (/Users/hans/TeX/context/beta/tex/texmf-local/tex/context/ 
user/type-mti.tex) (/Users/hans/TeX/context/beta/tex/texmf-local/tex/ 
context/user/type-psc.tex
Process aborted

Old version that runs to completion (albeit refusing to resize  
externalfigures):

(reign.tex
ConTeXt  ver: 2008.10.31 13:58 MKIV  fmt: 2008.12.17  int: english/ 
english
language       : language en is active
system         : cont-new loaded
(/usr/local/texlive/texmf-local/tex/context/base/cont-new.tex
systems         : beware: some patches loaded from cont-new.tex
(/usr/local/texlive/texmf-local/tex/context/base/cont-new.mkiv) (/usr/ 
local/texlive/texmf-local/tex/context/base/cont-mtx.tex))
system         : cont-fil loaded
(/usr/local/texlive/texmf-local/tex/context/base/cont-fil.tex
loading        : Context File Synonyms
)
system         : cont-sys loaded
(/Users/hans/Library/texmf/tex/context/user/cont-sys.tex)
bodyfont       : 12pt rm is loaded
specials       : pdftex loaded
system         : reign.top loaded
(reign.top) (/usr/local/texlive/texmf-local/tex/context/base/type- 
tmf.tex) (/usr/local/texlive/texmf-local/tex/context/base/type- 
siz.tex) (/usr/local/texlive/texmf-local/tex/context/base/type- 
otf.tex) (/Users/hans/Library/texmf/tex/context/user/type-luc.tex)
bodyfont       : style fx (fax) defined
bodyfont       : style ssit (sansitalic) defined
bodyfont       : style tts (monosans) defined
(/Users/hans/Library/texmf/tex/context/user/type-mti.tex) (/Users/hans/ 
Library/texmf/tex/context/user/type-psc.tex) (/Users/hans/Library/ 
texmf/tex/context/user/math-luc.tex
etcetera

Hans van der Meer