Android SDK Tools r15 ant building problems

After an update in the Android SDK Manager I find myself with Android SDK Tools r15 and my ant build stopped working saying:

BUILD FAILED
/Users/me/myproject/android/build.xml:37: The following error occurred while executing this line:
/Users/me/android/tools/ant/pre_setup.xml:4: Your build.xml file is outdated. Delete it and regenerate it with 'android update

Aah right, let's update the project

$ android update project -p .
Updated local.properties
Exception in thread "main" java.lang.NullPointerException
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