I received many complaints about the Canon EOS utility not working under OSX Lion. That was a bit of a mystery to me, because i do have Lion and my Canon software is running fine! Eventually i found out that the reason was, that i was still using version 2.8.1.
And there lies the solution for the time being; until Canon gives us a Lion compatible version.
Officially you’ll have to acquire an official Canon v.2.8.1. installation CD. The downloadable installers you find on the internet are all updaters that don’t allow downgrading, and need a pre-installed version.
Here is an updater that does NOT require a preinstalled version and does do downgrading to EOS utility 2.8.1 and Picture Style Editor 1.7: