A simple solution could be:
$ ./configure LIBTOOL = / usr / local / bin / libtool ...
but if you use the ancient libtool, you can also use the ancient autoconf, in which case you will have to do:
$ LIBTOOL = / usr / local / bin / libtool ./configure ...
or, if you are using csh or its variant:
$ env LIBTOOL = / usr / local / bin / libtool ./configure ...
The libtool in your build directory is created from ltmain.sh. The config.status file (generated by configure) runs a sed script that uses ltmain.sh as an input to generate libtool. ltmain.sh is copied to libtoolize in the source directory when libtoolize is launched via autoreconf. If autoreconf really sees libtool 1.5 in / usr / local / bin, then ltmain.sh in the source directory should be a copy of / usr / local / share / libtool / ltmain.sh.
source share