To me it seems like the obvious answer, ½, is correct, and that this may have been intended to be an example of the boy/girl paradox but is not. My AI professor asked the class this today, and claims that the answer is ⅓. His logic is as follows:
Of the four possibilities, MM, MF, FM, FF, only FF can be eliminated. Considering that you know at least one sibling is male, of the remaining possibilities there is a ⅔ chance that the other sibling is female.
If you were to know that the older of the two siblings is male, you could cross out MF and FF, and the remaining probabilities are in fact 50/50 since in one case the younger sibling is male, and in the other she is female. Meeting one sibling instead of the other in an arbitrary way should not behave any differently, unless the question were to specifically imply you were more likely to meet a sibling of a certain gender. When I asked after class, the professor seemed to disagree on this point, so perhaps I am missing something here.
To me it seems like treating MF and FM as both valid possibilities after meeting a male sibling introduces knowledge monty-hall style. If this is the case, how can I state this formally?
I agree with $\frac{1}{2}$, and I'll present one intuitive justification and two formal arguments (each of which makes an assumption which I believe to be justified based on your question).
Intuitive justification: Suppose there are four families living on the block, MM,MF,FM,FF. Note that of the eight children there are four males, and two of the males ($\frac{1}{2}$ of them) have a male sibling. The case of randomly meeting one of these eight children seems equivalent to your case.
Argument #1: Here we assume that you are equally likely to have met the older child as you are two have met the younger child. Let MMO denote the event where both children are male and you have met the older child, and let FMY denote the event where the children are female and male (in that order) and you have met the younger child, etc. The events MMO, MMY, MFO, and FMY are the events which involve your meeting a male, and they are all equally likely. Two of them have the sibling male.
Argument #2: Here we assume that, given that the family has one male and one female child, you are a priori equally likely to have met the male as you are to have met the female, and we apply Bayes' Theorem. Let $M$ be the event that the family is MM and $F$ be the event that the family is FM. Let $A$ be the event that you meet a male; then the assumption stipulates $P(A|F) = \frac{1}{2}$, and we are looking for $P(M|A)$. We compute $$P(M|A) = \dfrac{P(A|M)P(M)}{P(A)} = \dfrac{P(A|M)P(M)}{P(A|M)P(M) + P(A|F)P(F)} = \dfrac{1\cdot\frac{1}{4}}{1\cdot\frac{1}{4} + \frac{1}{2}\cdot\frac{1}{2}} = \dfrac{1}{2} $$
Of course, if the circumstances of the meeting were such that you were a priori more likely to meet a male than a female child, these assumptions don't hold, and the answer may well not be $\frac{1}{2}$.