I have built a Pi 1 version of the initramfs and I have tested that it actually works this time. 
I ended up having to build it on a Pi 1.
rbp1:
http://collaborate.osmc.tv/index.php/s/OkpI7MylULUyF1Y/download
rbp2/vero:
http://collaborate.osmc.tv/index.php/s/q7fxVeIlDzMA1v6/download
I have updated the Pi 2 version of the initramfs as well, a lot of further improvements have been made and what I have now is what will probably be shipped in the December kernel update, so it might be worth Pi 2 users who need UUID updating as well:
Remember to remove both the initramfs.gz and the initramfs line from config.txt after you update to the end of December update, otherwise it will continue to override the initramfs built into the kernel.