Ubuntu, AFAIK, stopped supporting armv6 some time ago, and so I doubt their new toy would work on the Optimus line.
you might be able to grab their source and try to recompile it for armv6 but even if you can, the repos won't work cause they'll pull armv7 code.
you could use the debian repos instead, they support older arm cores (listed as 'armel' I believe)
and debian commmand-line runs ok on the optimus v but there's tricks needed to use x with anything but a super-slow VNC connection (the nastiest trick is building the x driver for the msm series for armv6. the ones in ubuntu repo are for armv7, and the debian sid prebuilts want a 'hf' or hard-float debian install to drop into. then you have to get surfaceflinger out of the way to use the x driver... on and on it goes. )
anyone who wants can correct me with better info