The usual reset doesn't work with OpenWRT, because OpenWRT doesn't store its settings in nvram like DD-WRT.
I actually ran into a similar problem last night (which kept me up till 04:00 this morning) with my office's Linksys WRT54GL v1.1 that I installed OpenWRT on and then removed the firewall configs.
You can read up on the failsafe things for OpenWRT here:
http://wiki.openwrt.org/doc/howto/generic.failsafe
I had to telnet in to 192.168.1.1 (SSH + HTTP didn't work any more) and then run 'mtd -r erase rootfs_data' to reset to factory defaults on the OpenWRT image.
Update:
So here is pretty much what I've done (copy paste from that URL I posted above):
1) Set your computer's IP to 192.168.1.2, subnet 255.255.255.0
2) Power cycle the router (turn off and turn on)
3) Immediately after the above step, rapidly click a button on the router for 60 seconds (it may be any button). Note: If your router has a ridiculously long boot time (such as DIR-300 A), then you may do this for a longer time.
4) If done right, 192.168.1.1 will be pingable, and telnettable.
5) Telnet into 192.168.1.1 – there will be an immediate unauthenticated login to a root shell
6) Try out the commands below: mtd -r erase rootfs_data
reboot