Phone is galaxy nexus running JB.
On the phone, on the 'tethering' screen, enable 'bluetooth'.
Make sure phone is paired to SL-8268.
On the SL-8268, find the MAC address of the phone:
# hcitool inq
# pand --connect <MAC> # netcfg bnep0 up # netcfg bnep0 dhcp # setprop net.dns1 220.127.116.11
and we are good to go, run 'ifconfig bnep0' and see we are assigned an address.