Strangely the site-packages directory used by Python (2.6) to place/install modules and packages is nowhere to be found in Ubuntu’s Jaunty Jackalope. The newer directory is called dist-packages, no idea why (Only know that it sounds like its for distribution-installed modules).
So to place a package or a link to one, simply do so in the /usr/local/lib/python2.6/dist-packages/ directory.