Be sure to use the -multithreading option. READ the SDLMAME.os2 file in the archive!
http://hobbes.nmsu.edu/pub/incoming/sdlmame0114u2_os2.zip
You need InnoTek LIBC061 installed. If you are using Firefox 2.x (The BEST, most stable OS/2 browser EVER!) or some of Paul's ports then you already have this. If you have been living under a rock, then you can get it here:
ftp://ftp.netlabs.org/pub/gcc/libc-0.6.1-csd1.zip
The source has also been made available:
http://hobbes.nmsu.edu/pub/incoming/sdlmame0114u2_os2_src.zip
NOTE: Obviously, the links for these files are to the Incoming directory of Hobbes at the moment. If you are a lazy, worthless, procrastinator, then you will have to search Hobbes yourself.
Source: