So I changed the --install-method parameter to be rpmstrap instead of the default debootstrap.
Now I receive the following error:
Installation method: rpmstrap
The following required binary for the installation was not found
System installation failed. Aborting
I googled around and found many references to rpmstrap being broken in Gutsy. I am running the Hardy (8.04 LTS) server version.
I also did an apt-cache search for the rpmpackage, but nothing was found using the standard repositories. On the Ubuntu site, I could only find the package mentioned in the Gutsy and Gutsy-updates listings.