Not exactly true in this case, because the child is living outside the US and has never been to the US since the OP's naturalization. So derived citizenship has not been conferred yet. The child needs to be living in the US as a permanent resident with the naturalized parent in order to derive citizenship under the Child Citizenship Act. Which also implies the naturalized parent needs to be living in the US. So unless the OP moves back to the US for a while, this could be a problem. N-600K may be the more appropriate route.
Thanks for your inputs Jack, But what does living in US mean ? Does the law say that i have to be in the country for a specific period? When i visit, i will be living there. I guess by what you are saying - i have to establish residence in US and only then my son will be eligible. Is that correct?