Actually, the M2Crypto package supports Python 2.7 just fine — I have been using it in a cryptography-heavy application with no problem. I suppose the problem here is that Windows does not come with a compiler, so you cannot easily install the .tar.gz off of PyPI? Or are you getting an error when you try to compile it?
I would suggest that the best response to an error would be posting it to Stack Overflow so that we could fix it, instead of asking for alternative to what is — so far as I can tell — the premier cryptography library for Python.
Update: I have now successfully built M2Crypto for Windows under Python 2.7, so I can personally confirm that it works fine with Python 2.7 on all major platforms.