bundle exec fail

WTF... how to solve? (REE ruby/Ubuntu 10.04)
$ dpkg -l |grep ruby
ii ruby-enterprise - 1.8.7-2011.03 - Ruby Enterprise Edition.

$ bundle exec
/usr/local/lib/ruby/gems/1.8/gems/bundler-1.0.21/lib/bundler/cli.rb:344:in `exec': wrong number of arguments (ArgumentError)
        from /usr/local/lib/ruby/gems/1.8/gems/bundler-1.0.21/lib/bundler/cli.rb:344:in `exec'
        from /usr/local/lib/ruby/gems/1.8/gems/bundler-1.0.21/lib/bundler/vendor/thor/task.rb:22:in `send'
        from /usr/local/lib/ruby/gems/1.8/gems/bundler-1.0.21/lib/bundler/vendor/thor/task.rb:22:in `run'
        from /usr/local/lib/ruby/gems/1.8/gems/bundler-1.0.21/lib/bundler/vendor/thor/invocation.rb:118:in `invoke_task'
        from /usr/local/lib/ruby/gems/1.8/gems/bundler-1.0.21/lib/bundler/vendor/thor.rb:263:in `dispatch'
        from /usr/local/lib/ruby/gems/1.8/gems/bundler-1.0.21/lib/bundler/vendor/thor/base.rb:386:in `start'
        from /usr/local/lib/ruby/gems/1.8/gems/bundler-1.0.21/bin/bundle:13
        from /usr/local/bin/bundle:19:in `load'
        from /usr/local/bin/bundle:19

This is a fairly new application in Rails 3.1

Gemfile contents below (if useful - comments removed)

$ cat Gemfile
source 'http://rubygems.org'

gem 'rails', '3.1.1'

gem 'pg'
gem 'json'

gem 'execjs'
gem 'therubyracer'

group :assets do
  gem 'sass-rails', '~> 3.1.4'
  gem 'coffee-rails', '~> 3.1.1'
  gem 'uglifier', '>= 1.0.3'
end

gem 'jquery-rails'

gem 'activeldap'
gem 'ruby-ldap'
gem 'will_paginate', '~> 3.0.2'
gem 'dm-core'
gem 'dm-aggregates'
gem "net-ldap"

ignore - brain dead - bundle install/update duh

$ bundle exec > /usr/local/lib/ruby/gems/1.8/gems/bundler-1.0.21/lib/bundler/cli.rb:344:in `exec': wrong number of arguments (ArgumentError)

this error doesn't explain anything?
bundle exec - using to execute a gems commands in the context of the
bundle...