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The instructions given in the INSTALL file in the base directory are incorrect at step 5.
It says "Go to "build/lib" subdirectory" which does not exist in a fresh git checkout.
The configure.bat file also prints out the same instructions at the end of its run (line 595).
This is on the master branch of a fresh git checkout as of today (2012-01-25 13:00 GMT).
I don't expect that Windows part is even may be compiled now (master branch), so I don't worry about out of date build instructions too much. You can add patch, if you worry about it.