Running Parallels 5 or 6 after upgrading to Mac OS X Lion (10.7)

Naturally, Parallels doesn't work after upgrading. It will show you an error like "Unable to load the Parallels Driver. Please restart your mac and try again." when you try to start a virtual machine. They are relentless about keeping you on the teat of their upgrades. Just like Intuit.

Anyway, I found a workaround. All I can say is that it worked for me. Don't blame me if it blows up your computer. I am doing this as "root" user rather than sudo-ing. Run these commands and it should start.

chgrp -R wheel "/Library/Parallels/Parallels Service.app/Contents/Kexts/10.6/";
sudo kextutil "/Library/Parallels/Parallels Service.app/Contents/Kexts/10.6/prl_hypervisor.kext";
sudo kextutil "/Library/Parallels/Parallels Service.app/Contents/Kexts/10.6/prl_hid_hook.kext";
sudo kextutil "/Library/Parallels/Parallels Service.app/Contents/Kexts/10.6/prl_usb_connect.kext";
sudo kextutil "/Library/Parallels/Parallels Service.app/Contents/Kexts/10.6/prl_netbridge.kext";
sudo kextutil "/Library/Parallels/Parallels Service.app/Contents/Kexts/10.6/prl_vnic.kext";

So, after that, you might (i.e. will probably) need to run this "Parallels Desktop Launcher" script. Perhaps even every time you run parallels (you could just replace the icon in your dock I suppose)

Launcher