Need some Valgrind for OSX Lion?

Open you terminal and there you go.

First of all the autotools are missing (use newer versions if available).

export build=~/devtools # or wherever you'd like to build
mkdir -p $build
cd $build
curl -OL http://ftpmirror.gnu.org/autoconf/autoconf-2.68.tar.gz
tar xzf autoconf-2.68.tar.gz
cd autoconf-2.68
./configure --prefix=$build/autotools-bin
make
make install
export PATH=$PATH:$build/autotools-bin/bin

Next missing piece.

cd $build
curl -OL http://ftpmirror.gnu.org/automake/automake-1.11.tar.gz
tar xzf automake-1.11.tar.gz
cd automake-1.11
./configure --prefix=$build/autotools-bin
make
make install

Last missing piece.

cd $build
curl -OL http://ftpmirror.gnu.org/libtool/libtool-2.4.tar.gz
tar xzf libtool-2.4.tar.gz
cd libtool-2.4
./configure --prefix=$build/autotools-bin
make
make install

Last but not least download the latest Valgrind sources and compile them.

./autogen.sh
./configure --prefix=$build/valgrind-bin
make
export PATH=$PATH:$build/valgrind-bin/bin