To change the timezone on your Freerunner you have to
opkg install tzdata
and then install one of these
tzdata-africa tzdata-americas tzdata-antarctica tzdata-arctic tzdata-asia tzdata-atlantic tzdata-australia tzdata-europe tzdata-misc tzdata-pacific tzdata-posix tzdata-right
after that, you should create a symlink named /etc/localtime which points to the appropriate file in /usr/share/zoneinfo. For example, if you're on the East Coast of the U.S., the following command will link the correct zoneinfo file to your /etc/localtime, giving you the correct time:
ln -sf /usr/share/zoneinfo/America/New_York /etc/localtime
for Germany for example it is TZ="Europe/Berlin" for France TZ="Europe/Paris" and so on
Alternatively, you can take the more invasive approach and change the TZ="UTC" in your /etc/profile to the timezone you want.
Once the timezone is set, restart of your x-server with
you should now have the right timezone.
See also Date for setting the date and time.