CONFIG_M527x is not available for thedefaultarchitecture x86.
Result is shown for architecture m68knommu

MCF527x

modulename: pit.ko

configname: CONFIG_M527x

CPU
└─>MCF527x
In linux kernel since version 2.6.12  
Freescale (Motorola) ColdFire 5270/5271/5274/5275 processor support.

source code:
arch/m68knommu/platform/5307/pit.c
depends
 or CONFIG_M5271 or CONFIG_M5275

is selected by
CONFIG_FEC