[TxMt] Error on Update: env: ruby: No such file or directory

[Wandering Mango]

I am currently using TM 1.5.7 (1436), and everything is working swimmingly. 
When I update to the latest "minor update," I end up with the following
message when I ask LaTeX to typeset my document:

env: ruby: No such file or directory

Now, I can see from searching around this forum and elsewhere that this is
somewhat a common problem.  I've seen 
http://manual.macromates.com/en/shell_commands this  and several posts
trying to solve this issue.  In particular, I am running Leopard, and have
not replaced Ruby.  Both ruby and env are sitting in /usr/bin, and my path
has /usr/bin as the first entry.  Furthermore, ~/.MacOSX/environment.plist
reads { PATH = "/usr/bin"; }.

At this point, I'm not sure what to do, and would appreciate some help. 
Fortunately, I was able to roll back to v1436 via Time Machine, and
everything is working fine again.  But I'd like to be able to use the latest
minor update.  Any suggestions?
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