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Problem found!

The problem is in MacOS X fseek() call. It takes 32-bit offset (long int). There is fseeko() function which takes off_t offset and so will work with files larger than 2Gb.

The quick fix:
in libraw/libraw_datastream.h change:
return substream?substream->seek(o,whence):fseek(f,o,whence);
return substream?substream->seek(o,whence):fseeko(f,o,whence);

This will break compatibility with Windows (no fseeko) and, possible, Linux. I'll prepare more universal solution (with #ifdef) today or tomorrow (to appear in 0.8-Beta5)

-- Alex Tutubalin @LibRaw LLC