I had this same error "/bin/bash: No such file or dirctory" that many others on getting on this thread. The actual reason for this error isn't that /bin/bash is missing in your chrooted directory. It's a library dependency that /bin/bash is missing. Using the script in the how-to didn't resolve to copy all of the dependent libraries needed by /bin/bash to your chrooted directory. To find out which ones are missing, you start by doing a 'ldd /bin/bash';
> ldd /bin/bash
libtermcap.so.2 => /lib/libtermcap.so.2
libdl.so.2 => /lib/libdl.so.2
libc.so.6 => /lib/tls/libc.so.6
then you go down that list and see if they're in you chrooted dir.
> ls /home/chroot/lib/libtermcap.so.2
> ls /home/chroot/lib/libdl.so.2
> ls /home/chroot/lib/tls/libc.so.6
> ls /home/chroot/lib/lib/ld-linux.so.2
ls: /home/chroot/lib/lib/ld-linux.so.2: No such file or directory
As it turned out, I was missing "/lib/ld-linux.so.2" in my chrooted directory. Copying that to my chrooted dir fixed my problem. I've only tested this on a CentOS 4.4 installation, but this might work for others as well.
I hope this solves your problem