I have used the latest ConTeXt to compile the code below, but the \setupunderbar does not seem to function.  If I use an older version (context: 2009.06.14) it works just fine.  Is there a bug, or am I doing something wrong?

\setupcolors[state=start]
\setupunderbar[bottomoffset=2pt,rulethickness=12pt,rulecolor=red]

\starttext
\switchtobodyfont[60pt]
This is an \underbar{underlined} word.
\stoptext