Updates are now handled by the Lynx Launcher software. Install this application and you will have an easy way of keeping Lynx up to date.
If you have the Lynx Launcher installed and it is stuck 'Updating...', then please check the proxy settings and the log file in:
My Documents\My Lynx\logs
By default the launcher is trying to access:
The Launcher does not support pass-through authenticated proxies.