1.
wget http://www.openssl.org/source/openssl-1.0.1c.tar.gz
tar xvf openssl-1.0.1c.tar.gz
cd openssl-1.0.1c

2.
./config no-asm shared install_prefix=/home/jason/target/usr/local
vi Makefile
<<#CC= cc
>>CC= arm-arago-linux-gnueabi-gcc
<<#CFLAG= -O DEPFLAG= -DOPENSSL_NO_EC_NISTP_64_GCC_128 -DOPENSSL_NO_GMP -DOPENSSL_NO_JPAKE -DOPENSSL_NO_MD2 -DOPENSSL_NO_RC5 -DOPENSSL_NO_RFC3779 -DOPENSSL_NO_SCTP -DOPENSSL_NO_STORE
>>CFLAG= -DOPENSSL_THREADS -D_REENTRANT -DDSO_DLFCN -DHAVE_DLFCN_H -DOPENSSL_N -DL_ENDIAN -DTERMIO -O3 -fomit-frame-pointer -Wall -ldl
<<#AR= ar $(ARFLAGS) r
>>AR= arm-arago-linux-gnueabi-ar $(ARFLAGS) r

3.
make
make install

4.
Bingo!