This appears to be an issue with GNU Make 3.82. I've opened a bug for postgres because you might want to figure out a work around. I also sent it to the make bug report.
The postgresql bug report is http://archives.postgresql.org/pgsql-bugs/2011-06/msg00109.php -- Sent via pgsql-general mailing list (pgsql-general@postgresql.org) To make changes to your subscription: http://www.postgresql.org/mailpref/pgsql-general
