For what it's worth, I get the error:
ln: failed to create hard link `/tmp/exploit/target' => `/bin/ping': Invalid cross-device link
Are there any other way to do this without ln? I have no binaries on non-root-writable filesystems. tmp is on tmpfs, / and /home are on their own filesystems so I'd need to be root to create the files on a partition that this could work from.