The problem could be that we need to specifically give adb root access in the developnent options in the latest CMs.. Here is what i did.
abc@abc-L655:~$ sudo adb kill-server
abc@abc-L655:~$ sudo adb root start-server * daemon not running. starting it now on port 5037 * * daemon started successfully * root access is disabled by system setting - enable in settings -> development options
after altering the development options...
abc@abc-L655:~$ sudo adb kill-server
abc@abc-L655:~$ sudo adb root start-server
* daemon not running. starting it now on port 5037 *
* daemon started successfully *
restarting adbd as root
abc@abc-L655:~$ adb shell
root@android:/ # ls /data/ .... good to go..