=== Entering application kernel
make[3]: Entering directory `/cygdrive/c/esl/chr_vanilla/otp_src_R14B03/lib/kernel/src'
Makefile:39: /cygdrive/c/esl/chr_vanilla/otp_src_R14B03/lib/hipe/vsn.mk: No such file or directory
make[3]: *** No rule to make target `/cygdrive/c/esl/chr_vanilla/otp_src_R14B03/lib/hipe/vsn.mk'.  Stop.
make[3]: Leaving directory `/cygdrive/c/esl/chr_vanilla/otp_src_R14B03/lib/kernel/src'
/cygdrive/c/esl/chr_vanilla/otp_src_R14B03/make/otp_subdir.mk:28: recipe for target `opt' failed
make[2]: *** [opt] Error 2
make[2]: Leaving directory `/cygdrive/c/esl/chr_vanilla/otp_src_R14B03/lib/kernel'
/cygdrive/c/esl/chr_vanilla/otp_src_R14B03/make/otp_subdir.mk:28: recipe for target `opt' failed
make[1]: *** [opt] Error 2
make[1]: Leaving directory `/cygdrive/c/esl/chr_vanilla/otp_src_R14B03/lib'
Makefile:437: recipe for target `libs' failed
make: *** [libs] Error 2