PostgreSQL 7.4.1 under Windows/cygwin: initdb fails with error

pgsql-adminHi:
I have a serious problem installing PostgreSQL 7.4.1 on Windows.
I have an up-to-date cygwin 1.5.7 installation under Windows2000 Server sp3,
installed the cygipc 2.0 package as instructed,
but I fail to initialize the database.

The output is:

$ ls -al /usr/local/pgsql/
total 0
drwxr-xr-x 8 lhao なし 0 Feb 13 17:36 .
drwxr-xr-x 8 lhao なし 0 Feb 13 11:22 ..
drwxr-xr-x 2 lhao なし 0 Feb 13 17:37 bin
drwxr-xr-x 3 lhao なし 0 Feb 13 17:36 doc
drwxr-xr-x 5 lhao なし 0 Feb 13 17:37 include
drwxr-xr-x 2 lhao なし 0 Feb 13 17:37 lib
drwxr-xr-x ; 4 lhao なし 0 Feb 13 17:36 man
drwxr-xr-x 2 lhao なし 0 Feb 13 17:37 share

$ ipctest s
Test v0.03
semaphore 3 created

$ ipc-daemon2&
[1] 1384

$ initdb -D /usr/local/pgsql/data
The files belonging to this database system will be owned by user "lhao".
This user must also own the server process.
The database cluster will be initialized with locale C.
creating directory /usr/local/pgsql/data... ok
creating directory /usr/local/pgsql/data/base... ok
creating directory /usr/local/pgsql/data/global... ok
creating directory /usr/local/pgsql/data/pg_xlog... ok
creating directory /usr/local/pgsql/data/pg_clog... ok
selecting default max_connections... Signal 11
Signal 11
Signal 11
Signal 11
Signal 11
Signal 11
10
selecting default shared_buffers... Signal 11
Signal 11
Signal 11
Signal 11
Signal 11
Signal 11
Signal 11
Signal 11
Signal 11
Signal 11
Signal 11
50
creating configuration files... ok
creating template1 database in /usr/local/pgsql/data/base/1... Signal 11
initdb: failed
initdb: removing data directory "/usr/local/pgsql/data"
[1]+ Done ipc-daemon2

Thanks,
jack