Works on Ubuntu 12.04LTS.  If you do a `brew update` and `brew install valgrind` then you'll get valgrind 3.9.0 on OSX as well.  The option is valid then, but fails in a horrible way:
```
valgrind: m_libcfile.c:73 (Int vgPlain_safe_fd(Int)): Assertion 'newfd >= VG_(fd_hard_limit)' failed.
==79590==    at 0x23803B57B: ???
==79590==    by 0x23803B52F: ???
==79590==    by 0x23803B876: ???
==79590==    by 0x238041064: ???
==79590==    by 0x2380406CD: ???
==79590==    by 0x23804063B: ???

sched status:
  running_tid=0
```