I’m now using easy-rsa generated keys and get the same result on win7 with openvpn 2.2.2 as client.
The client says this:
Sat May 19 18:20:29 2012 us=50000 OpenVPN 2.2.2 Win32-MSVC++ [SSL] [LZO2] [PKCS11] built on Dec 15 2011
Sat May 19 18:20:29 2012 us=50000 WARNING: --ping should normally be used with --ping-restart or --ping-exit
Sat May 19 18:20:29 2012 us=50000 WARNING: No server certificate verification method has been enabled. See http://openvpn.net/howto.html#mitm for more info.
Sat May 19 18:20:29 2012 us=50000 NOTE: OpenVPN 2.1 requires '--script-security 2' or higher to call user-defined scripts or executables
Sat May 19 18:20:29 2012 us=924000 Control Channel MTU parms [ L:1559 D:140 EF:40 EB:0 ET:0 EL:0 ]
Sat May 19 18:20:29 2012 us=924000 Socket Buffers: R=[8192->8192] S=[8192->8192]
Sat May 19 18:20:29 2012 us=924000 Data Channel MTU parms [ L:1559 D:1450 EF:59 EB:4 ET:0 EL:0 ]
Sat May 19 18:20:29 2012 us=924000 Local Options String: 'V4,dev-type tun,link-mtu 1559,tun-mtu 1500,proto TCPv4_CLIENT,cipher AES-256-CBC,auth SHA1,keysize 256,key-method 2,tls-client'
Sat May 19 18:20:29 2012 us=924000 Expected Remote Options String: 'V4,dev-type tun,link-mtu 1559,tun-mtu 1500,proto TCPv4_SERVER,cipher AES-256-CBC,auth SHA1,keysize 256,key-method 2,tls-server'
Sat May 19 18:20:29 2012 us=924000 Local Options hash (VER=V4): '5cb3f8dc'
Sat May 19 18:20:29 2012 us=924000 Expected Remote Options hash (VER=V4): '898ae6c6'
Sat May 19 18:20:29 2012 us=924000 Attempting to establish TCP connection with **********:1194
Sat May 19 18:20:30 2012 us=501000 TCP connection established with ********:1194
Sat May 19 18:20:30 2012 us=501000 TCPv4_CLIENT link local: [undef]
Sat May 19 18:20:30 2012 us=501000 TCPv4_CLIENT link remote:***********:1194
Sat May 19 18:20:30 2012 us=735000 TLS: Initial packet from ********:1194, sid=2b293838 41b5c920
Sat May 19 18:20:36 2012 us=507000 VERIFY OK: depth=1, /C=EE/ST=************************************* (CA)
Sat May 19 18:20:36 2012 us=507000 VERIFY OK: depth=0, /C=EE/ST=******************************************* (server)
Sat May 19 18:20:41 2012 us=952000 Connection reset, restarting [0]
Sat May 19 18:20:41 2012 us=952000 TCP/UDP: Closing socket
Sat May 19 18:20:41 2012 us=952000 SIGUSR1[soft,connection-reset] received, process restarting
Sat May 19 18:20:41 2012 us=952000 Restart pause, 5 second(s)
Routerboard this:
18:20:31 ovpn,info TCP connection established from *************
18:20:31 ovpn,info <ovpn-0>: dialing...
18:20:42 ovpn,info <ovpn-0>: using encoding - AES-256-CBC/SHA1
18:20:48 ovpn,info TCP connection established from ************
18:20:48 ovpn,info <ovpn-0>: dialing...
18:20:48 ovpn,debug <***********>: disconnected <peer disconnected>
18:20:48 ovpn,info <ovpn-0>: terminating... - peer disconnected
18:20:48 ovpn,info <ovpn-0>: disconnected
Now how can I look deeper what might be causing the problem?
Is my client conf file ok?
client
dev tun
proto tcp
remote ******** 1194
resolv-retry infinite
nobind
persist-key
persist-tun
ca ca.crt
cert certs/cleint.crt
key certs/client.key
verb 5
ping 10
cipher AES-256-CBC
auth SHA1
pull
I even tried L2TP but that didn’t go any further either 
Please advise.
UPDATE: Got L2TP running and aborted OVPN access. Thanks for taking a look.