Mine

luke@Merlin:/tmp/kqemu-1.3.0pre11$ ./configure 
Source path       /tmp/kqemu-1.3.0pre11
C compiler        gcc
Host C compiler   gcc
make              make
host CPU          i386

kernel sources    /lib/modules/2.6.20-14-generic/build
kbuild type       2.6
luke@Merlin:/tmp/kqemu-1.3.0pre11$ clear

luke@Merlin:/tmp/kqemu-1.3.0pre11$ make
make -C common all
make[1]: Entering directory `/tmp/kqemu-1.3.0pre11/common'
gcc -Wall -O2 -Werror -g -D__KERNEL__ -I.. -o genoffsets genoffsets.c
./genoffsets > monitor_def.h
gcc -D__KERNEL__ -nostdinc -iwithprefix include -I. -I.. -D__ASSEMBLY__ -c -o i386/nexus_asm.o i386/nexus_asm.S
gcc -D__KERNEL__ -nostdinc -iwithprefix include -I. -I.. -D__ASSEMBLY__ -c -o i386/monitor_asm.o i386/monitor_asm.S
gcc -Wall -O2 -fomit-frame-pointer -fno-strict-aliasing -Werror  -fno-stack-protector    -D__KERNEL__ -nostdinc -iwithprefix include -I. -I.. -c -o monitor.o monitor.c
gcc -Wall -O2 -fomit-frame-pointer -fno-strict-aliasing -Werror  -fno-stack-protector    -D__KERNEL__ -nostdinc -iwithprefix include -I. -I.. -c -o monitor-utils.o monitor-utils.c
gcc -Wall -O2 -fomit-frame-pointer -fno-strict-aliasing -Werror  -fno-stack-protector    -D__KERNEL__ -nostdinc -iwithprefix include -I. -I.. -c -o interp.o interp.c
ld -T i386/monitor.ld -o monitor-image.out i386/nexus_asm.o i386/monitor_asm.o monitor.o monitor-utils.o interp.o
objcopy -O binary monitor-image.out monitor-image.bin
gcc -Wall -O2 -Werror -g -o genmon genmon.c
./configure ./genmon < monitor-image.bin > monitor-image.h
gcc -Wall -O2 -fomit-frame-pointer -fno-strict-aliasing -Werror  -D__KERNEL__ -nostdinc -iwithprefix include -I. -I.. -c -o kernel.o kernel.c
gcc -D__KERNEL__ -nostdinc -iwithprefix include -I. -I.. -D__ASSEMBLY__ -c -o i386/kernel_asm.o i386/kernel_asm.S
ld -r -o ../kqemu-mod-i386.o kernel.o i386/kernel_asm.o
make[1]: Leaving directory `/tmp/kqemu-1.3.0pre11/common'
make -C /lib/modules/2.6.20-14-generic/build M=`pwd` modules
make[1]: Entering directory `/usr/src/linux-headers-2.6.20-14-generic'
  CC [M]  /tmp/kqemu-1.3.0pre11/kqemu-linux.o
cp /tmp/kqemu-1.3.0pre11/kqemu-mod-i386.o /tmp/kqemu-1.3.0pre11/kqemu-mod.o
  LD [M]  /tmp/kqemu-1.3.0pre11/kqemu.o
  Building modules, stage 2.
  MODPOST 1 modules
WARNING: could not find /tmp/kqemu-1.3.0pre11/.kqemu-mod.o.cmd for /tmp/kqemu-1.3.0pre11/kqemu-mod.o
  CC      /tmp/kqemu-1.3.0pre11/kqemu.mod.o
  LD [M]  /tmp/kqemu-1.3.0pre11/kqemu.ko
make[1]: Leaving directory `/usr/src/linux-headers-2.6.20-14-generic'