diff -urpN busybox-1.17.0/modutils/modprobe.c busybox-1.17.0-modprobe-l/modutils/modprobe.c
--- busybox-1.17.0/modutils/modprobe.c	2010-06-24 04:40:43.000000000 +0200
+++ busybox-1.17.0-modprobe-l/modutils/modprobe.c	2010-07-10 01:25:42.000000000 +0200
@@ -483,6 +483,11 @@ int modprobe_main(int argc UNUSED_PARAM,
 	opt = getopt32(argv, INSMOD_OPTS MODPROBE_OPTS INSMOD_ARGS);
 	argv += optind;
 
+	/* Goto modules location */
+	xchdir(CONFIG_DEFAULT_MODULES_DIR);
+	uname(&uts);
+	xchdir(uts.release);
+
 	if (opt & MODPROBE_OPT_LIST_ONLY) {
 		char name[MODULE_NAME_LEN];
 		char *colon, *tokens[2];
@@ -524,11 +529,6 @@ int modprobe_main(int argc UNUSED_PARAM,
 		return EXIT_SUCCESS;
 	}
 
-	/* Goto modules location */
-	xchdir(CONFIG_DEFAULT_MODULES_DIR);
-	uname(&uts);
-	xchdir(uts.release);
-
 	/* Retrieve module names of already loaded modules */
 	{
 		char *s;