As long as it works for you
.
Just as an information, for me version 0.142 works without problems.
And I spoke to soon: the initrd gets build in the /boot-directory - I have just tried it.
What you can (always) do is, trying to build an initrd with the "mkinitramfs"-command (e.g. "mkinitramfs -u -k <kernel-version>").