3.8.7 shows wrong time (hours OK, minutes fail) regardless of settings

[sweden_i500]

Right now, vBulletin shows time "08:02" in the index page end, all posts also shows "08:02" as time, during the whole hour "08" (using 24hrs clock mode).
As soon as the hour switches to "09" the forum says "09:02" in the index.
The minutes won't change

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I wrote a quick test in PHP:

print date("H:i");
print time();

Gives me... 08:57 and 1329638264.

So it works, both the unix time stamp and the date function.

In vBulletin, the time settings is "H:i", same as above. But it does not show the correct minutes.

Checked the tables in MySQL for threads, the correct time() is set on each thread.
But does not show the correct minutes time in the forum listing either.

Using PHP 5.3.3

Any ideas?