I don't have access to a newer OS X installation with installed developer tools, so I cannot say if this works with a more recent version, but at least on Snow Leopard (10.6) with Xcode 3.2, I get this:

mv -f .deps/java_util_VMTimeZone.Tpo .deps/java_util_VMTimeZone.Plo
/bin/sh ../../../libtool --tag=CC   --mode=link gcc -arch i386 -W -Wall -Wmissing-declarations -Wwrite-strings -Wmissing-prototypes -Wno-long-long -Wstrict-prototypes -pedantic -fexceptions -fasynchronous-unwind-tables -g -O2 -version-info 0:0:0 -no-undefined  -o libjavautil.la -rpath /Users/sr/classpathcvs/lib/classpath java_util_VMTimeZone.lo
libtool: link: rm -fr  .libs/libjavautil.0.dylib .libs/libjavautil.dylib .libs/libjavautil.la .libs/libjavautil.lai
libtool: link: gcc -arch i386 -dynamiclib  -o .libs/libjavautil.0.dylib  .libs/java_util_VMTimeZone.o    -arch i386 -O2   -install_name  /Users/sr/classpathcvs/lib/classpath/libjavautil.0.dylib -compatibility_version 1 -current_version 1.0 -Wl,-single_module
Undefined symbols:
  "_JCL_ThrowException", referenced from:
      _Java_java_util_VMTimeZone_getSystemTimeZoneId in java_util_VMTimeZone.o
ld: symbol(s) not found
collect2: ld returned 1 exit status
make[3]: *** [libjavautil.la] Error 1
make[2]: *** [all-recursive] Error 1
make[1]: *** [all-recursive] Error 1
make: *** [all-recursive] Error 1

gcc version is:

Using built-in specs.
Target: i686-apple-darwin10
Configured with: /var/tmp/gcc/gcc-5664~89/src/configure --disable-checking --enable-werror --prefix=/usr --mandir=/share/man --enable-languages=c,objc,c++,obj-c++ --program-transform-name=/^[cg][^.-]*$/s/$/-4.2/ --with-slibdir=/usr/lib --build=i686-apple-darwin10 --program-prefix=i686-apple-darwin10- --host=x86_64-apple-darwin10 --target=i686-apple-darwin10 --with-gxx-include-dir=/include/c++/4.2.1
Thread model: posix
gcc version 4.2.1 (Apple Inc. build 5664)

This changeset breaks it: http://git.savannah.gnu.org/cgit/classpath.git/commit/?id=a6c8cc78aa8a7480519458c4f0aed648a3459599 ("Handle malloc() failure in java_util_VMTimeZone.c file."). Its immediate predecessor, revision a04355b builds without a problem.