There's a note about that in README-CVS. Removing tpike should go a long way in avoiding this awkwardness. Probably all of it.
/ Martin Stjernholm, Roxen IS
Previous text:
2003-02-19 20:51: Subject: make depend (7.5 cvs)
'make depend' first compile tpike (including all modules), and (I assume) made dependencies for all sub-modules (this did of course require manual removal+touching or editing of the old dependencies first). When it comes to "post_modules" it exits because there isn't a new "pike". So I type make. It then failed at post_modules because the "dependencies" were missing (this might have been a fault on my end though, not sure).
In either case, annoying and definitely nothing I've really noticed before.
/ David Hedbor