Got it working,
1) I added child device, under "generic pc as md"
2) I checked dmesg to get what port was assigned to my usbuirt (ttyUSB0)
3) I edited the configuration of my new USBUIRT 0038 device, in the dropdown box i could select a PCI card and /dev/ttyS0
-i did a nasty fix to this one, i selected ttyS0, then i removed & linked /dev/ttyS0 to /dev/ttyUSB0
I'm sure this can be done somewhere in the mysql table, e.g put in /dev/ttyUSB0, but i didnt find it at first look.
Since ubuntu uses udev, i had to add this symlink to the startup.
My USBUIRT is working Recieving & Transmitting, finally i can control my reciever volume with my gyration mouse :-)