The build process on Windows currently only works with GCC under Cygwin. The process can be a bit tricky, so if it doesn't work out of the box or you don't want to install cygwin, we recommend that you download the DLLs from the Elephant website download page (http://www.common-lisp.net/project/elephant/downloads.html').
Unpack the .zip file into the elephant root directory. Ensure that
my-config.sexp file configuration for Windows has
:prebuilt-binaries set to “t” so it will know to look in
the elephant root during the asdf loading process.
For Berkeley DB users we recommend downloading the Windows binary distribution of Berkeley DB 4.5 to minimize any potential linking issues.