You have the wrong, or missing version of libtool.
The required version is 1.5.20 and is available from:
http://www.gnu.org/software/libtool/
You should update your `aclocal.m4' by running aclocal.
/usr/X11R6/share/aclocal/gtk.m4:7: warning: underquoted definition of AM_PATH_GTK
  run info '(automake)Extending aclocal'
  or see http://sources.redhat.com/automake/automake.html#Extending-aclocal
apps/Makefile.am:2: Libtool library used but `LIBTOOL' is undefined
apps/Makefile.am:2: 
apps/Makefile.am:2: The usual way to define `LIBTOOL' is to add `AC_PROG_LIBTOOL'
apps/Makefile.am:2: to `configure.ac' and run `aclocal' and `autoconf' again.
apps/conference/Makefile.am:2: Libtool library used but `LIBTOOL' is undefined
apps/conference/Makefile.am:2: 
apps/conference/Makefile.am:2: The usual way to define `LIBTOOL' is to add `AC_PROG_LIBTOOL'
apps/conference/Makefile.am:2: to `configure.ac' and run `aclocal' and `autoconf' again.
apps/icd/Makefile.am:12: Libtool library used but `LIBTOOL' is undefined
apps/icd/Makefile.am:12: 
apps/icd/Makefile.am:12: The usual way to define `LIBTOOL' is to add `AC_PROG_LIBTOOL'
apps/icd/Makefile.am:12: to `configure.ac' and run `aclocal' and `autoconf' again.
cdr/Makefile.am:2: Libtool library used but `LIBTOOL' is undefined
cdr/Makefile.am:2: 
cdr/Makefile.am:2: The usual way to define `LIBTOOL' is to add `AC_PROG_LIBTOOL'
cdr/Makefile.am:2: to `configure.ac' and run `aclocal' and `autoconf' again.
channels/Makefile.am:3: Libtool library used but `LIBTOOL' is undefined
channels/Makefile.am:3: 
channels/Makefile.am:3: The usual way to define `LIBTOOL' is to add `AC_PROG_LIBTOOL'
channels/Makefile.am:3: to `configure.ac' and run `aclocal' and `autoconf' again.
channels/fax/Makefile.am:3: Libtool library used but `LIBTOOL' is undefined
channels/fax/Makefile.am:3: 
channels/fax/Makefile.am:3: The usual way to define `LIBTOOL' is to add `AC_PROG_LIBTOOL'
channels/fax/Makefile.am:3: to `configure.ac' and run `aclocal' and `autoconf' again.
channels/iax2/Makefile.am:3: Libtool library used but `LIBTOOL' is undefined
channels/iax2/Makefile.am:3: 
channels/iax2/Makefile.am:3: The usual way to define `LIBTOOL' is to add `AC_PROG_LIBTOOL'
channels/iax2/Makefile.am:3: to `configure.ac' and run `aclocal' and `autoconf' again.
channels/sccp/Makefile.am:3: Libtool library used but `LIBTOOL' is undefined
channels/sccp/Makefile.am:3: 
channels/sccp/Makefile.am:3: The usual way to define `LIBTOOL' is to add `AC_PROG_LIBTOOL'
channels/sccp/Makefile.am:3: to `configure.ac' and run `aclocal' and `autoconf' again.
codecs/Makefile.am:3: Libtool library used but `LIBTOOL' is undefined
codecs/Makefile.am:3: 
codecs/Makefile.am:3: The usual way to define `LIBTOOL' is to add `AC_PROG_LIBTOOL'
codecs/Makefile.am:3: to `configure.ac' and run `aclocal' and `autoconf' again.
corelib/Makefile.am:3: Libtool library used but `LIBTOOL' is undefined
corelib/Makefile.am:3: 
corelib/Makefile.am:3: The usual way to define `LIBTOOL' is to add `AC_PROG_LIBTOOL'
corelib/Makefile.am:3: to `configure.ac' and run `aclocal' and `autoconf' again.
corelib/jitterbuffer/Makefile.am:2: Libtool library used but `LIBTOOL' is undefined
corelib/jitterbuffer/Makefile.am:2: 
corelib/jitterbuffer/Makefile.am:2: The usual way to define `LIBTOOL' is to add `AC_PROG_LIBTOOL'
corelib/jitterbuffer/Makefile.am:2: to `configure.ac' and run `aclocal' and `autoconf' again.
formats/Makefile.am:2: Libtool library used but `LIBTOOL' is undefined
formats/Makefile.am:2: 
formats/Makefile.am:2: The usual way to define `LIBTOOL' is to add `AC_PROG_LIBTOOL'
formats/Makefile.am:2: to `configure.ac' and run `aclocal' and `autoconf' again.
funcs/Makefile.am:3: Libtool library used but `LIBTOOL' is undefined
funcs/Makefile.am:3: 
funcs/Makefile.am:3: The usual way to define `LIBTOOL' is to add `AC_PROG_LIBTOOL'
funcs/Makefile.am:3: to `configure.ac' and run `aclocal' and `autoconf' again.
libs/ilbc/Makefile.am:2: Libtool library used but `LIBTOOL' is undefined
libs/ilbc/Makefile.am:2: 
libs/ilbc/Makefile.am:2: The usual way to define `LIBTOOL' is to add `AC_PROG_LIBTOOL'
libs/ilbc/Makefile.am:2: to `configure.ac' and run `aclocal' and `autoconf' again.
pbx/Makefile.am:3: Libtool library used but `LIBTOOL' is undefined
pbx/Makefile.am:3: 
pbx/Makefile.am:3: The usual way to define `LIBTOOL' is to add `AC_PROG_LIBTOOL'
pbx/Makefile.am:3: to `configure.ac' and run `aclocal' and `autoconf' again.
res/Makefile.am:2: Libtool library used but `LIBTOOL' is undefined
res/Makefile.am:2: 
res/Makefile.am:2: The usual way to define `LIBTOOL' is to add `AC_PROG_LIBTOOL'
res/Makefile.am:2: to `configure.ac' and run `aclocal' and `autoconf' again.
sqlite3-embedded/Makefile.am:3: Libtool library used but `LIBTOOL' is undefined
sqlite3-embedded/Makefile.am:3: 
sqlite3-embedded/Makefile.am:3: The usual way to define `LIBTOOL' is to add `AC_PROG_LIBTOOL'
sqlite3-embedded/Makefile.am:3: to `configure.ac' and run `aclocal' and `autoconf' again.
stdtime/Makefile.am:10: Libtool library used but `LIBTOOL' is undefined
stdtime/Makefile.am:10: 
stdtime/Makefile.am:10: The usual way to define `LIBTOOL' is to add `AC_PROG_LIBTOOL'
stdtime/Makefile.am:10: to `configure.ac' and run `aclocal' and `autoconf' again.
configure.ac:67: error: possibly undefined macro: AC_LIBTOOL_DLOPEN
      If this token and others are legitimate, please use m4_pattern_allow.
      See the Autoconf documentation.
configure.ac:68: error: possibly undefined macro: AC_LIBLTDL_CONVENIENCE
configure.ac:70: error: possibly undefined macro: AC_LIBTOOL_WIN32_DLL
configure.ac:72: error: possibly undefined macro: AC_DISABLE_STATIC
configure.ac:73: error: possibly undefined macro: AC_PROG_LIBTOOL
~/src/openpbx/libltdl ~/src/openpbx
/usr/X11R6/share/aclocal/gtk.m4:7: warning: underquoted definition of AM_PATH_GTK
  run info '(automake)Extending aclocal'
  or see http://sources.redhat.com/automake/automake.html#Extending-aclocal
roy:~ roy$ libtool -V
libtool: unrecognized option `-V'
Try `libtool --help' for more information.
roy:~ roy$ libtool --version
ltmain.sh (GNU libtool) 1.5.22 (1.1220.2.365 2005/12/18 22:14:06)

Copyright (C) 2005  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.