In OS X Lion, when I launch a new tab in the Terminal with Cmd+T, the shell starts in the / directory.
$ pwd
/
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Usually how the new tab is opened relies on the settings in terminal. The New tabs open with: setting should read however you would like the default behavior to be. I'm guessing you should switch this to Default Working Directory (opposite of what I have selected below). If you're having issues where you want the same directory that you're working in to open, you may need to adjust some of your terminal environmental settings.
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