0016 Makefile troubles

I'm having some trouble with the new Arduino-0016 Makefile on Mac OS X. When I go into the hardware/cores/arduino directory and 'make' I get this result:

Makefile:242: ../../../hardware/cores/arduino/pins_arduino.d: No such file or directory
Makefile:242: ../../../hardware/cores/arduino/wiring.d: No such file or directory
Makefile:242: ../../../hardware/cores/arduino/wiring_analog.d: No such file or directory
Makefile:242: ../../../hardware/cores/arduino/wiring_digital.d: No such file or directory
Makefile:242: ../../../hardware/cores/arduino/wiring_pulse.d: No such file or directory
Makefile:242: ../../../hardware/cores/arduino/wiring_serial.d: No such file or directory
make: *** No rule to make target `../../../hardware/cores/arduino/wiring_serial.d'.  Stop.

Is there something I'm missing?

Read the instructions at the top of the Makefile. I don't think it is meant to be run from that directory. You also have to edit some things.

You will also have to remove references to "wiring_serial.c" from the Makefile as that file has been removed for the 0016 release.