The error means that your jail (
/mnt/temp) does not contain a bash shell, or does not contain the libraries required to run the bash shell.
If you created your jail using something like this:
debootstrap --variant=buildd --arch i386 lucid /mnt/temp \
You probably meant to do this instead:
debootstrap --variant=minbase --arch i386 lucid /mnt/temp \
However, as a technical answer to your problem, try:
cp -r /bin /lib /mnt/temp
This should allow you to chroot successfully, at which point you can do other things.
There are about a million things wrong with doing that though, and almost certainly you do not want to do that. Use minbase when you create your jail, or install ubuntu on a blank target (eg. a virtual machine) and create a tar archive of the entire system which you then decompress into