CONFIG_M523x is not available for thedefaultarchitecture x86.
Result is shown for architecture m68knommu

MCF523x

modulename: pit.ko

configname: CONFIG_M523x

CPU
└─>MCF523x
In linux kernel since version 2.6.14 (release Date: 2005-10-27)  
Freescale Coldfire 5230/1/2/4/5 processor support

source code:
arch/m68knommu/platform/5307/pit.c
is selected by
CONFIG_FEC