Get Oracle Instant Client Working on Mac OS X Lion
CJ Travis has an excellent and thorough article on installing Oracle Instant Client on Mac OS X 10.7. The gist: you have to install the 32-bit version. As a bonus, he tells you how to download and install the handy rlwrap command line utility, which gives you the ability to navigate the statement history in SQL*Plus in a very bash-like fashion, using the up and down keys.