I gave up to use the Pinguino toolchain and decided to compile my own using crosstool-ng and suggested on this thread: https://lists.apache.org/thread/lgrt45t73om5gq7mq3g5982kgykw5l42

The steps where very easy to do:

STEP TO COMPILE ct-ng:
$ git clone https://github.com/crosstool-ng/crosstool-ng
$ ./bootstrap
$ ./configure
$ sudo make install

SELECTING AND COMPILE THE MIPS TOOLCHAIN:
$ ./ct-ng mips-unknown-elf
$ ./ct-ng menuconfig               (NOTE: optional)
$ ./ct-ng build

Final step to copy it to right place:

$ chmod -R u+w .build/mips-unknown-elf
$ sudo cp -a .build/mips-unknown-elf/* /usr/local/