Releasing a specific module-based project fails (Regression from 2.1)

We can not release our project with a version of the release plugin greater than 2.1.

I have distilled the problem to a small example project (attached as zip). The project has a core module (with code) and an aggregating build project, like this:

-> build
-> release
-> pom.xml
-> core
-> hello-world
-> pom.xml
-> src/main/java/HelloWorld.java

where "hello-world" is a module of "release".

It looks like release:perform tries to build in the wrong directory:

[ERROR] Failed to execute goal org.apache.maven.plugins:maven-release-plugin:2.2.2:perform (default-cli) on project release: Error executing Maven. Working directory "/Development/maven-release-bug/trunk/build/release/target/checkout/build/release/build/release" does not exist! -> [Help 1]

I have also attached a transscript with some easy steps to reproduce the problem. First, a local svn repo is created. Then, the working release with 2.1 is demonstrated. Then the plugin version in the pom is changed and the error is shown.