How do i get the location or -D paramter to accept a windows path using cygwin postgresql

Hi,

I am trying to create a new database at the location E:\PGdbs on a
system running cygwin postgresql.

If I try to set this location using pgAdmin II it errors out complaining
about the first character in the string.
If I try to set this location using the -D paramater of create the
following happens:
*********************************************************************
C:\Program Files\PostgreSQL\7.3\bin>bash
[/] $ initlocation e:\pgDBs
The location will be initialized with username "adminchris".
This user will own all the files and must also own the server process.

Fixing permissions on pre-existing directory e:pgDBs
Fixing permissions on pre-existing directory e:pgDBs/base

initlocation is complete.

[/] $ createdb -D 'e:\pgDbs' testdb
ERROR: Postmaster environment variable 'e:pgDbs' not set
createdb: database creation failed
[/] $ initlocation e:/pgDBs
The location will be initialized with username "adminchris".
This user will own all the files and must also own the server process.

Fixing permissions on pre-existing directory e:/pgDBs
Fixing permissions on pre-existing directory e:/pgDBs/base

initlocation is complete.

[/] $ createdb -D 'e:/pgDbs' testdb
ERROR: Relative paths are not allowed as database locations
createdb: database creation failed
[/] $
************************************************************************

Is there a workaround of some kind?

Thanks for any advice.
Chris