Mine

make[1]: Entering directory `/home/sonic/openwrt/trunk'
make -C tools install
make[2]: Entering directory `/home/sonic/openwrt/trunk/tools'
make -C sed prepare
make[3]: Entering directory `/home/sonic/openwrt/trunk/tools/sed'
make[3]: `prepare' is up to date.
make[3]: Leaving directory `/home/sonic/openwrt/trunk/tools/sed'
make -C sed compile
make[3]: Entering directory `/home/sonic/openwrt/trunk/tools/sed'
(cd /home/sonic/openwrt/trunk/tool_build/sed-4.1.2; rm -rf config.cache; SHELL="/bin/bash" ./configure --prefix=/home/sonic/openwrt/trunk/staging_dir_mips --prefix=/usr );
--: ./configure: No such file or directory
make[3]: *** [/home/sonic/openwrt/trunk/tool_build/sed-4.1.2/.configured] Error 127
make[3]: Leaving directory `/home/sonic/openwrt/trunk/tools/sed'
make[2]: *** [sed-compile] Error 2
make[2]: Leaving directory `/home/sonic/openwrt/trunk/tools'
make[1]: *** [tools/install] Error 2
make[1]: Leaving directory `/home/sonic/openwrt/trunk'
make: *** [world] Error 2