Damn Small Linux(DSL) is a good option;but it may need atleast 128MB RAM
from their site....
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# Run fully in RAM with as little as 128MB (you will be amazed at how fast your computer can be!)
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Another one is wait for Xubuntu(thats right)
Quote:
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The aim of the Xubuntu community project is to provide a nice Ubuntu desktop experience (even on older hardware) by using Xfce4 as the desktop environment and GTK+ 2 applications wherever possible.
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EDIT>>your own Ubuntu canbe transformed to Xubuntu by apt-get XFCE4 :wink
https://wiki.ubuntu.com/Xubuntu :