update-manager -d on oneiric tells you your current release is no longer supported

When envoking update-manager -d to update an Oneiric machine to Precise update manager throws a hideous and scarey warning about your _current_ release telling you "Your Ubuntu release is not supported anymore.", which it does not without the -d. Either it is plain broken, or it is trying to tell me I will no longer be supported.

ProblemType: Bug
DistroRelease: Ubuntu 11.10
Package: update-manager 1:0.152.25.4
ProcVersionSignature: Ubuntu 3.0.0-13.21-generic 3.0.6
Uname: Linux 3.0.0-13-generic x86_64
ApportVersion: 1.23-0ubuntu4
Architecture: amd64
Date: Wed Nov 9 15:01:43 2011
EcryptfsInUse: Yes
PackageArchitecture: all
ProcEnviron:
 PATH=(custom, user)
 LANG=en_GB.UTF-8
 SHELL=/bin/bash
SourcePackage: update-manager
UpgradeStatus: Upgraded to oneiric on 2011-10-17 (23 days ago)