Logged In: NO

I too have this problem.
My libtool on OS X is provided by Apple, and does not take the same arguments as the GNU libtool.
The GNU libtool on my system is called glibtool (it was installed using Fink). Changing the first line of the makefile in the src directory to "LIBTOOL=glibtool" makes some progress.
There will be problems using an old version of glibtool. See http://wiki.finkproject.org/index.php/Metapkg:GNU_Libtool_on_Mac_OS_X for more details. Upgrading to 1.5.10 using Fink still didn't make the library compile for me though: I got this (first bit omitted):
glibtool --mode=link g++ -shared -Wl,-soname=libnoise.so.0 -o libnoise.so.0.3 ../src/latlon.lo ../src/noisegen.lo ../src/model/cylinder.lo ../src/model/line.lo ../src/model/plane.lo ../src/model/sphere.lo ../src/module/abs.lo ../src/module/add.lo ../src/module/billow.lo ../src/module/blend.lo ../src/module/cache.lo ../src/module/checkerboard.lo ../src/module/clamp.lo ../src/module/const.lo ../src/module/curve.lo ../src/module/cylinders.lo ../src/module/displace.lo ../src/module/exponent.lo ../src/module/invert.lo ../src/module/max.lo ../src/module/min.lo ../src/module/modulebase.lo ../src/module/multiply.lo ../src/module/perlin.lo ../src/module/power.lo ../src/module/ridgedmulti.lo ../src/module/rotatepoint.lo ../src/module/scalebias.lo ../src/module/scalepoint.lo ../src/module/select.lo ../src/module/spheres.lo ../src/module/terrace.lo ../src/module/translatepoint.lo ../src/module/turbulence.lo ../src/module/voronoi.lo
g++ -shared -Wl,-soname=libnoise.so.0 -o libnoise.so.0.3 ../src/.libs/latlon.o ../src/.libs/noisegen.o ../src/model/.libs/cylinder.o ../src/model/.libs/line.o ../src/model/.libs/plane.o ../src/model/.libs/sphere.o ../src/module/.libs/abs.o ../src/module/.libs/add.o ../src/module/.libs/billow.o ../src/module/.libs/blend.o ../src/module/.libs/cache.o ../src/module/.libs/checkerboard.o ../src/module/.libs/clamp.o ../src/module/.libs/const.o ../src/module/.libs/curve.o ../src/module/.libs/cylinders.o ../src/module/.libs/displace.o ../src/module/.libs/exponent.o ../src/module/.libs/invert.o ../src/module/.libs/max.o ../src/module/.libs/min.o ../src/module/.libs/modulebase.o ../src/module/.libs/multiply.o ../src/module/.libs/perlin.o ../src/module/.libs/power.o ../src/module/.libs/ridgedmulti.o ../src/module/.libs/rotatepoint.o ../src/module/.libs/scalebias.o ../src/module/.libs/scalepoint.o ../src/module/.libs/select.o ../src/module/.libs/spheres.o ../src/module/.libs/terrace.o ../src/module/.libs/translatepoint.o ../src/module/.libs/turbulence.o ../src/module/.libs/voronoi.o -Wl,-bind_at_load
powerpc-apple-darwin8-g++-4.0.1: unrecognized option '-shared'
/usr/bin/ld: unknown flag: -soname=libnoise.so.0
collect2: ld returned 1 exit status
make[1]: *** [libnoise.so.0.3] Error 1
make: *** [src] Error 2

I assume this has something to do with Apple's version of ld?