I'm attaching the patch which (probably partially) fixes support for Libtool 2.2.
-- Arfrever Frehtes Taifersar Arahesis
Index: configure.in
===================================================================
--- configure.in (revision 640254)
+++ configure.in (working copy)
@@ -237,7 +237,7 @@
LIBTOOL="$my_libtool \$(LTFLAGS)"
libtoolversion=`$my_libtool --version`
case $libtoolversion in
- *1.[[45]]*)
+ *1.[[45]]* | *[[2-9]]*)
SH_LIBTOOL='$(LIBTOOL)'
SHLTCFLAGS="-prefer-pic"
LTCFLAGS="-prefer-non-pic -static"
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