[OS X Emacs] Using ELPA Auctex toolbar goes awry

[Robert P. Goldman]

When I get Auctex from ELPA instead of using the bundled version, my
toolbar goes wrong.  Instead of seeing separated clusters of items in
the toolbar, I see the following set of icons (giving the titles):

Open File
Save Buffer
Separator
Cut
Copy
Paste
Undo
Separator
Latex
View
Bibtex
<untitled>

... and when I hover over the untitled icon I see tooltip with "Preview
on/off at point."

This can be replicated in an un-customized (well, minimally customized)
Aquamacs:

1. enable the package manager
2. install auctex from ELPA
3. start aquamacs w/o customizations
4. M-x package-initialize (this should make the ELPA Auctex reachable)
5. open a latex file

The menu initialization from ELPA looks like it's the same as the one
that's bundled -- both have [separator nil] in them.

Any idea what could cause this?