In the world of Java, BEA (now Oracle) has created LiquidVM which doesn't require an OS. Likewise, there are a variety of open source projects including SANOS, JNODE OS, Project Guest VM, JavaOS, etc.
Is there an equivalent being created for .NET?
check out the .NET Micro Framework
unlike the projects suggested by Trillian which are projects to create a managed CLR OS (not what the question asked.) The .NET Micro Framework is the .NET CLR without an OS. It is commerially supported by microsoft and can be developed for using Visual Studio.
Some googling found out:
As to how mature those systems are, you'll have to check by yourself ;).
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