I've installed iODBC over the package (http://www.iodbc.org/dataspace/iodbc/wiki/iODBC/) and set up all config files as described here: http://blog.opensteam.net/past/2009/1/28/rails_ms_sql_on_mac/
I set up the same thing on a Linux machine and it worked fine. On my Mac OSX 10.6.4, I get this error if i test the connection:
xxx@xxx:/opt/local/include$ iodbctest "dsn=res;uid=user;pwd=pass"
iODBC Demonstration program
This program shows an interactive SQL processor
Driver Manager: 03.52.0709.0909
1: SQLDriverConnect = [iODBC][Driver Manager]dlopen(/opt/local/lib/libtdsodbc.so, 6): Symbol not found: _CreateDataSource
Referenced from: /usr/lib/libiodbcinst.2.dylib
Expected in: flat namespace
(0) SQLSTATE=00000
2: SQLDriverConnect = [iODBC][Driver Manager]Specified driver could not be loaded (0) SQLSTATE=IM003
I have no idea how to debug this :(