Okay, to me it sounds a little like something is missing or not installed and minimo is not running properly. (Mine's a v1, but I don't believe that should cause any problems.)
I'd recommend installing
mrxvt (which will give you an X terminal on the screen) and
dropbear (which will allow you to log onto your iliad from another computer) on your iliad. Running mrxvt will give you a root shell, so be careful, but will allow you to "explore". Use shell commands to change to the directory that minimo is installed in, and then change into the minimo directory. You should see a file error.txt, which will hopefully contain some useful info. Try a "cat error.txt" to see if it is useful info.
If there is nothing useful, you can try running minimo from mrxvt via "./run.sh", but that can result in two programs fighting for the screen (if minimo doesn't end as it has normally for you). Better is to use dropbear to start up an ssh server, and then log into the iliad from something like putty on windows (you'll need to start the network up, and then use mrxvt to check the IP address of your iliad). In fact, I generally use putty/dropbear when debugging/playing.
If you want to remove minimo, just delete the minimo directory (well that's what I've done). I think it also installs a new libX11, but I don't believe that causes any problems. Perhaps someone else can comment on removing minimo.