When I enter !ls the vimrun.exe does not find /bin/tcsh

When I enter !ls the vimrun.exe does not find /bin/tcsh

I use the Windows GUI version of vim (7.2).
I also run cygwin, I start the Windows vim version via cygwin with an
alias.

I cannot escape to the shell using e.g.:

:!ls

I always get something like:

/bin/tcsh -c "ls"

The system cannot find the specified path.

Seems that something in my environment, either Windows or cygwin is
wrong.

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