To compile just do:
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make

will compile for Gp2x, Wiz and Caanoo

To compile just for a platform:
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make target

where target can be: gp2x, wiz or caanoo this will compile both fast and compatible binaries

To compile just a binary (fast or compatible) for just a platform:
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make target(c|f)

c for Compatible binary
f for Fast binary

for example:

make wizf