Here are the new instructions:
git clone git://repo.or.cz/smatch.git
cd smatch
make
cd ~/your/code/
make clean
make CHECK="~/path/to/smatch/smatch --full-path" \
CC=~/path/to/smatch/cgcc | tee warns.txt
Except if you are using smatch against the kernel the command is:
make CHECK="~/path/to/smatch/smatch -p=kernel" C=1 \
bzImage modules | tee warns.txt