The configuration script says that it checks for ncurses, but it actually doesn't. Also the there are no ncurses #defines in term.c.
I manually included ncurses.h in term.c and linked with -lncurses, and everything worked as expected.
Here is a better workaround if you are experiencing the same problem:
Assuming, ncurses 5 is installed, you can install "ncurses-term", which is available via Synaptic or apt-get under Ubuntu. It is also worth noting that you must delete the config.cache file in the logo source directory (if you previously failed to config properly).
./configure again and it should work fine.