The error "too many redirects" usually means that you've set your WPtouch home page to be the same as the home page set in your WordPress settings. If you want the same home page in both your desktop and mobile themes, set the WPtouch Home Page to "WordPress Settings".
If you want a different home page for your mobile theme, select it there.
I'd like to see home page with some posts
This is not a feature of the free version of WPtouch but is standard with WPtouch Pro. If you want to give WPtouch Pro a try, there's a 7-day trial period during which you have full access to support and documentation to help you set up your desktop theme's advanced functionality in your mobile theme. You may request a refund at any time within the trial period if you are not happy.