rsync - Jul 2006 - Compiling rsync for Windows without Cygwin

Hi,
I've downloaded rsync source packages using Cygwin installer, built it 
using the regular procedures and no I got a working binary that should 
be deployed together with Cygwin's DLL.
I would like to compile the package without Cygwin (using Mingw?) in 
order to avoid the Cygwin's DLL dependancy and not to be bound to the 
Cygwin's license, but to the GPL license.

Does anyone know how to do it?

Thanks,
Tomer