A new OS X extension from Hasbrang Productions, the prominent jailbreak community development team, makes it easy to open and switch a new Terminal window to the current working directory, right from the Finder's contextual menu.
Available at no charge on the Mac App Store, the aptly named TermHere installs itself as a Finder file extension, readily accessible from the right-click menu. It works as advertised and is pretty convenient, more so if you use Terminal frequently.