Xv6 - Unix V6 rewritten in modern, ANSI C for MIT 6.828
pdos.csail.mit.edu
pdos.csail.mit.edu
A related project of his that might be of interest to people learning about kernel programming is the documented history of the Plan 9 kernel: http://swtch.com/plan9history/
This post is going to seem a bit fanboyis, but over the years I had some (rather violent) disagreements with Russ and is easy to forget how much stuff he has done, so it was time to remember some of his awesome work.
Now he seems to be spending most of his time hacking on Go ( http://golang.org ) but just from the last few years some of major projects where he has been the main driving force:
* Plan 9 from User Space - Port of the Plan 9 User Space to Unix systems. http://plan9.us
* vx32 - Virtualization similar to NaCL, and ported the Plan 9 kernel to run on it. http://pdos.csail.mit.edu/~baford/vm/
* Google Code Search, now sadly shut down, but he open sourced the core of the engine. http://code.google.com/p/codesearch/
* RE2 regexp engine - http://code.google.com/p/re2/
And other smaller projects (I'm sure I forget many more):
* libtask coroutines library for C - http://swtch.com/libtask/
* Foundation storage system - http://doc.cat-v.org/plan_9/misc/foundation/
Before that he was heavily involved with Plan 9 at Bell Labs, being responsible for much of the graphics system (which later was the model for Xrender), storage(venti/fossil), auth/security(factotum/secstore), and all kinds of other work all over the place.
I really like it for the fact that it's the bare essentials of a complete kernel. When wondering how, for example, scheduling works, this is a much better idea on how the mechanics work. Obviously, the algorithms used might be far more sophisticated in a modern, production kernel, but that's not why you would use X6v.
Edit: (For context, the submission title was originally "X6v".)
It looks like MIT does something similar. They study xv6 but have to implement an OS with different specifications. See http://pdos.csail.mit.edu/6.828/2011/overview.html
There's a comparison (that includes LXR) on the OpenGrok site.