i also tried guile-2.1.0.310-b8bc, the newset version of guile, by the same way i mentioned in http://debbugs.gnu.org/cgi/bugreport.cgi?bug=11456#13
and make stopped here:

  CC     libguile_2.2_la-deprecated.lo
  CC     libguile_2.2_la-deprecation.lo
../../libguile/deprecation.c:40:0: warning: "vsnprintf" redefined [enabled by default]
../lib/stdio.h:1605:0: note: this is the location of the previous definition
  CC     libguile_2.2_la-dynstack.lo
  CC     libguile_2.2_la-dynwind.lo
  CC     libguile_2.2_la-eq.lo
  CC     libguile_2.2_la-error.lo
  CC     libguile_2.2_la-eval.lo
  CC     libguile_2.2_la-evalext.lo
  CC     libguile_2.2_la-expand.lo
../../libguile/expand.c:52:0: warning: "VOID" redefined [enabled by default]
d:\dev\mingw\include/winnt.h:75:0: note: this is the location of the previous definition
../../libguile/expand.c:54:0: warning: "CONST" redefined [enabled by default]
d:\dev\mingw\include/windef.h:39:0: note: this is the location of the previous definition
  CC     libguile_2.2_la-extensions.lo
  CC     libguile_2.2_la-feature.lo
  CC     libguile_2.2_la-filesys.lo
../../libguile/filesys.c:106:0: warning: "mkdir" redefined [enabled by default]
../lib/sys/stat.h:813:0: note: this is the location of the previous definition
../../libguile/filesys.c: In function 'scm_chmod':
../../libguile/filesys.c:1339:7: warning: variable 'fdes' set but not used [-Wunused-but-set-variable]
  CC     libguile_2.2_la-finalizers.lo
../../libguile/finalizers.c: In function 'start_finalization_thread':
../../libguile/finalizers.c:259:7: error: wrong type argument to unary exclamation mark
../../libguile/finalizers.c: In function 'stop_finalization_thread':
../../libguile/finalizers.c:274:7: error: used struct type value where scalar is required
../../libguile/finalizers.c:279:27: error: incompatible types when assigning to
type 'pthread_t' from type 'int'
make[3]: *** [libguile_2.2_la-finalizers.lo] Error 1
make[3]: Leaving directory `/e/temp/files/guile/guile-2.1.0.310-b8bc/build/libguile'
make[2]: *** [all] Error 2
make[2]: Leaving directory `/e/temp/files/guile/guile-2.1.0.310-b8bc/build/libguile'
make[1]: *** [all-recursive] Error 1
make[1]: Leaving directory `/e/temp/files/guile/guile-2.1.0.310-b8bc/build'
make: *** [all] Error 2

it looks like even the "--without-threads" argument doesn't work now.