"father of father of father... etc" is different from "common male ancestor". The common male ancestor of you and a cousin on your mother's side would be your mother's grandfather, but that wouldn't be the same as the father of your father. The "Y-chromosomal Adam" for you and your maternal cousin would be waaaaay back in your ancestry, depending on whether you lived in a tiny village in South America or in a big, well connected city like London or New York. But it wouldn't be your maternal grandparent.
Everyone in Europe can trace some part of their DNA to Henry VIII or something, but Henry VIII wouldn't be everyone in Europe's Y-chromasomal Adam. Having a common ancestor is quite, err, common, but having a common "father-of-father-of-father-of...etc" is a much more restrictive thing.