That was fast... in moving stunnel.exe from /usr/sbin to /usr/bin, I overlooked a hard-coded path to /usr/sbin/stunnel.exe in stunnel3, a compatibility script for running stunnel v4 with v3 syntax.
I've corrected this error in version 4.20-2 ; URLs are below. Since version 4.20-1 had a simple error and I hadn't even sent the announcement out for it yet, I recommend removing 4.20-1 from the archive, replacing it with 4.20-2, and leaving 4.14-2 as the previous version. Thanks, Andrew. wget \ http://home.comcast.net/~andrex/cygwin/stunnel/stunnel-4.20-2.tar.bz2 \ http://home.comcast.net/~andrex/cygwin/stunnel/stunnel-4.20-2-src.tar.bz2