Unable to initdb using HEAD on Windows XP

I just compiled a fresh copy from CVS head. I then tried to do an initdb 
as user 'postgres' (non admin user on my system). I get the following error:
 C:\Tada\Workspace>initdb -D data The files belonging to this database system will be owned by user 
"postgres". This user must also own the server process.
 The database cluster will be initialized with locale English_United 
States.1252.

 creating directory data ... ok creating subdirectories ... initdb: could not create directory 
"data/global": Permission denied initdb: removing data directory "data" could not open directory "data": No such file
ordirectory initdb: failed to remove data directory
 

AFAICS, no data directory is ever created so the 'creating directory 
data ... ok' message is probably incorrect. I even tried to change the 
permissions on the parent directory so that user 'postgres' has full 
control. It doesn't help. I didn't think it would since I am able to 
create a database in this directory if I'm using version 8.1.4.

Regards,
Thomas Hallgren