No that is not what they are chanting. (see Michael Totten http://www.michaeltotten.com/archives/2009/06/iran-on-fire.php )
They are shouting “Allahu Akbar,” God is great. You may have heard that phrase before in other contexts - jihadists like it alot.
Mahmoud Ahmadinejad sounds like Baghdad Bob right about now: "It was a free and healthy election," he said.
LMAO!! Priceless!
The quote I posted was from the same source you posted.
And yes, I know how they use the other expression.