The Makefile references "ChangeLog", but the file is "Changelog". FIxing the file name used in the Makefile allows make to go ahead.
Oh, and one really should have CFLAGS=-O2 in the makefile. The way it is, gcc gets no optimization flags at all, and SOME optimization is classically required with gcc in order for inlining to work (and there is inlining ..).
Anonymous