cygwin compiled tree successfully but no output - c++

Question

Trying to compile tree from here (i uncommented appropriate section for cygwin in make script):
http://mama.indstate.edu/users/ice/tree/
$ make
gcc -O2 -Wall -fomit-frame-pointer -DCYGWIN -c -o tree.o tree.c
gcc -O2 -Wall -fomit-frame-pointer -DCYGWIN -c -o unix.o unix.c
gcc -O2 -Wall -fomit-frame-pointer -DCYGWIN -c -o html.o html.c
gcc -O2 -Wall -fomit-frame-pointer -DCYGWIN -c -o xml.o xml.c
gcc -O2 -Wall -fomit-frame-pointer -DCYGWIN -c -o hash.o hash.c
gcc -O2 -Wall -fomit-frame-pointer -DCYGWIN -c -o color.o color.c
gcc -O2 -Wall -fomit-frame-pointer -DCYGWIN -c -o strverscmp.o strverscmp.c
gcc -s -o tree.exe tree.o unix.o html.o xml.o hash.o color.o strverscmp.o
$ make install
install -d /usr/bin
install -d /usr/man/man1
if [ -e tree.exe ]; then \
install -s tree.exe /usr/bin/tree.exe; \
fi
install doc/tree.1 /usr/man/man1/tree.1
When i try to run however crickets
No output, no error, nothing. I'm using this compiler (running on 64bit cygwin):
/usr/bin/gcc -> i686-pc-cygwin-gcc.exe
What am i doing wrong, how can i resolve?
EDIT:
More on crickets:
i checked return code (echo $?) and it's 127
However, i also did
$ ls /usr/bin | grep tree
tree.exe