From the manpage:
Code:
NAME
chroot - run command or interactive shell with special root directory
SYNOPSIS
chroot NEWROOT [COMMAND [ARG]...]
chroot OPTION
Without any command, as you invoked it, chroot attempts to run the shell (/bin/sh) but if that doesn't exist in the target directory, then it won't work out.
If you want to run a specific command in a chroot'ed jail, you should just invoke the command directly instead of trying to meticulously set up an environment within an environment -- much easier that way.