$(LIBRARIES)
./GlutExample

I changed it as below. Since gcc handles compiling and linking all of that can occur in one line. So I moved the $(LIBRARIES) to that line and I removed the above lines. After that it worked quite nicely. I also found that with emacs I can launch the program by typing meta-x command-shell then entering the name of the program ./GlutExample. Also be very careful about using tabs where things are indented, and make sure there are no extra spaces at the ends of lines.

LIBPATH = -L"/System/Library/Frameworks/OpenGL.framework/Libraries"

FRAMEWORK = -framework GLUT
FRAMEWORK += -framework OpenGL

COMPILERFLAGS = -Wall
CC = g++
CFLAGS = $(COMPILERFLAGS)
LIBRARIES = -lGL -lGLU -lm -lobjc -lstdc++

OBJECTS = GlutExample.o
All: GlutExample

GlutExample: GlutExample.o $(OBJECTS)
$(CC) $(FRAMEWORK) $(CFLAGS) -o $@ $(LIBPATH) $(LIBRARIES) $(OBJECTS)