For this version, you can use either the GNU style "configure;make" style build process, or the old ACS style. If it works for you, use the GNU style.
For the GNU style build, just type "./configure" then "make" from the project's root directory. This will configure both the model compiler and the simulator, and then build the model compiler first, then use it to build the simulator. That should be all that is needed. You do not to read any further.