It works fine for me here:
richh@LPD300 /home/logic/sample_app/2.10/led_flasher
$ make
bash build.sh
-----------------------------------------------------------------
Sample Application Build Tool
-----------------------------------------------------------------
Select module:
1) MCF5474_10 5) MCF5329_10 9) LLH79524_10 13) PXA270_10
2) MCF5484_10 6) LLH7a400_10 10) LSH7727_20
3) MCF5475_10 7) LLH7a404_11 11) LSH7750_10
4) MCF5485_10 8) LLH79520_10 12) LSH7760_10
module? 5
Select program location:
1) flash
2) ram
location? 2
make[1]: Entering directory `/home/logic/sample_app/2.10/led_flasher'
make clean
make[2]: Entering directory `/home/logic/sample_app/2.10/led_flasher'
rm *.o arch/*/*.o api.lds
make[2]: Leaving directory `/home/logic/sample_app/2.10/led_flasher'
make led_flasher
make[2]: Entering directory `/home/logic/sample_app/2.10/led_flasher'
m68k-elf-gcc -c -m5307 -malign-int -mnoshort -mstrict-align -fno-builtin -m5307
-malign-int -mnoshort -mstrict-align -fno-builtin -O0 -Wall -g -ggdb -DBASE_ADD
RESS=0x40000000+0x00100000 -DMEMAP_BASE_SDRAM=0x40000000 -DBOOTFLASH_PHYS_BASE=0
x00000000 -DLOGIC_CARDENGINE_MCF5329_10 -DCONFIG_IN_FLASH=0 -fno-builtin led_fl
asher.c -o led_flasher.o
m68k-elf-gcc -m5307 -m5307 -D_ASM_ -DBASE_ADDRESS=0x40000000+0x00100000 -DMEMAP
_BASE_SDRAM=0x40000000 -DBOOTFLASH_PHYS_BASE=0x00000000 -DLOGIC_CARDENGINE_MCF53
29_10 -DCONFIG_IN_FLASH=0 -c -o arch/m68k/apicrt0.o arch/m68k/apicrt0.S
m68k-elf-gcc -c -m5307 -malign-int -mnoshort -mstrict-align -fno-builtin -m5307
-malign-int -mnoshort -mstrict-align -fno-builtin -O0 -Wall -g -ggdb -DBASE_ADD
RESS=0x40000000+0x00100000 -DMEMAP_BASE_SDRAM=0x40000000 -DBOOTFLASH_PHYS_BASE=0
x00000000 -DLOGIC_CARDENGINE_MCF5329_10 -DCONFIG_IN_FLASH=0 -fno-builtin arch/m
68k/arch_led_flasher.c -o arch/m68k/arch_led_flasher.o
m68k-elf-cpp -P -D_ASM_ -DBASE_ADDRESS=0x40000000+0x00100000 -DMEMAP_BASE_SDRAM=
0x40000000 -DBOOTFLASH_PHYS_BASE=0x00000000 -DLOGIC_CARDENGINE_MCF5329_10 -DCONF
IG_IN_FLASH=0 api.lds.S > api.lds
m68k-elf-gcc -m5307 -malign-int -mnoshort -mstrict-align -fno-builtin -m5307 -ma
lign-int -mnoshort -mstrict-align -fno-builtin -O0 -Wall -g -ggdb -DBASE_ADDRES
S=0x40000000+0x00100000 -DMEMAP_BASE_SDRAM=0x40000000 -DBOOTFLASH_PHYS_BASE=0x00
000000 -DLOGIC_CARDENGINE_MCF5329_10 -DCONFIG_IN_FLASH=0 -fno-builtin -nostdlib
-N -o led_flasher.elf -T api.lds led_flasher.o arch/m68k/apicrt0.o arch/m68k/arc
h_led_flasher.o -lgcc
cp led_flasher.elf led_flasher.elf.debug
m68k-elf-strip led_flasher.elf
m68k-elf-objcopy -O binary led_flasher.elf led_flasher.raw
make[2]: Leaving directory `/home/logic/sample_app/2.10/led_flasher'
make[1]: Leaving directory `/home/logic/sample_app/2.10/led_flasher'
richh@LPD300 /home/logic/sample_app/2.10/led_flasher
$
Which version of GCC are you using?
richh@LPD300 /home/logic/sample_app/2.10/led_flasher
$ m68k-elf-gcc --version
m68k-elf-gcc (GCC) 3.4.3
Copyright (C) 2004 Free Software Foundation, Inc.
This is free software; see the source for copying conditions. There is NO
warranty; not even for MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE.
richh@LPD300 /home/logic/sample_app/2.10/led_flasher
$