odd behavior with bins and bash path

gistfile1.bash

<parallax:stevehull> 0 [06-16 16:12] (master)~/Dev/stevenday 
! which rake
./bin/rake

<parallax:stevehull> 0 [06-16 16:10] (master)~/Dev/stevenday 
! rake -T
rake aborted!
You have already activated rake 0.9.2, but your Gemfile requires rake 0.8.7. Consider using bundle exec.

(See full trace by running task with --trace)

<parallax:stevehull> 0 [06-16 16:10] (master)~/Dev/stevenday 
! `which rake` -T
(in /Users/stevehull/Dev/stevenday)
rake about                         # List versions of all Rails frameworks and the environment
rake db:create                     # Create the database from config/database.yml for the current Rails.env
.
.
.