The Visual Studio generators set this to the full path to MSBuild.exe (VS >= 10), devenv.com (VS 7,8,9), VCExpress.exe (VS Express 8,9), or msdev.exe (VS 6). (See also variables CMAKE_VS_MSBUILD_COMMAND, CMAKE_VS_DEVENV_COMMAND, and CMAKE_VS_MSDEV_COMMAND.)
These generators prefer to lookup the build tool at build time rather than to store CMAKE_MAKE_PROGRAM in the CMake cache ahead of time. This is because the tools are version-specific and can be located using the Windows Registry.
We downgraded to 1.10 because it works as expected.
Maybe an option could be added to disable the CMAKE_MAKE_PROGRAM, because we manually call: '"C:\Program Files (x86)\CMake\bin\cmake.exe" --build . --config Release'