Reverse tethering hangs at netcfg (Cyanogen + Linux)
Found the following on How to get internet on your phone via USB | forum.xda-developers.com


  It is working now. After setting up ICS type in console emulator on
  your phone: 


ifconfig usb1 192.168.2.2 netmask 255.255.255.0 up
route add default gw 192.168.2.1 dev usb0
iptables -F
iptables -F -t nat
setprop net.dns1 8.8.8.8
setprop "net.gprs.http-proxy" ""