[UPDATE Aug 31, 2011]
MacFUSE 2.2 has been released with Lion compatibility: There is a 2.2.1 out in the wild, but many have reported that it makes your CPU run like crazy. 2.2.x is expected to be the last MacFUSE release with the new Fuse4X project taking over, but not yet useful for NTFS, as far as I can tell.
Anyway, install NTFS-3G: http://sourceforge.net/projects/catacombae/files/NTFS-3G%20for%20Mac%20OS%20X/2010.10.2/ntfs-3g-2010.10.2-macosx.dmg/download
Then install MacFUSE 2.2: http://www.tuxera.com/mac/macfuse/MacFUSE-Tuxera-2.2.dmg
Its working great for me
and not throwing that weird 15.00000 second timeout error that MacFUSE 2.0.3 was doing. and is simpler than the original method I posted.
How to do it:
1. Install the latest version of MacFUSE: http://macfuse.googlecode.com/files/MacFUSE-2.0.3%2C2.dmg
1b. If you don't already have it then install the latest version of NTFS-3G http://sourceforge.net/projects/catacombae/files/NTFS-3G%20for%20Mac%20OS%20X/2010.10.2/ntfs-3g-2010.10.2-macosx.dmg/download
2. Install the lastest MacFUSE core of Tuxera (aka NTFS-3G): Install http://www.tuxera.com/mac/macfuse-core-10.5-2.1.9.dmg
3. Install the 64-bit BETA version of the MacFUSE preference pane: http://content.wuala.com/contents/grahamperrin/public/2010/07/31/a/MacFUSE.prefPane-2.0-64-bit-2009-09-10.zip?dl=1
Restart as necessary to make it all happy and stuff.
Credits: Commenter David @ http://www.blogger.com/comment.g?blogID=3156578562014006371&postID=2651866977865603342