PostgreSQL will be started by Launchd, if configured so.
Look for /System/Library/LaunchDaemons/org.postgresql.postgres.plist, this is an XML file and you will need to modify some settings there, like listen_address.
Default location for the PGDATA files is /var/pgsql, also found in the plist file above.
Cluster is owned by the _postgres user, so to access the “tools”, you should execute them via the sudo -u _postgres … prefix, like: sudo -u _postgres pg_ctl -D /var/pgsql -w start
I highly recommend creating another role with superuser permissions, as _postgres is sharing password with the Administrator account of your Lion.
You can also use the Server Admin tools for Lion to control PostgreSQL and other services:
sudo serveradmin list
# look for postgres in the output
sudo serveradmin fullstatus postgres
sudo serveradmin stop postgres
sudo serveradmin start postgres
Check the version of your PostgreSQL cluster, using: sudo -u _postgres psql -tc "select version()" and refer to the official manuals on how to create the database and setup initial access. Manual for the latest PostgreSQL version can be found here.