See the Solarized homepage for screenshots, details and colorscheme versions for Vim, Mutt, popular terminal emulators and other applications.
OS X 10.6+:
Open Terminal --> Preferences --> Settings and choose Import... in lower left corner menu
Prior to OSX 10.7 Terminal didn't support full color palette, so your colors will be off in 10.6 and lower.
If my guess is correct, Terminal application ignores monitors color profile. To get the look of Solarized colors I've translated original values from my current display profile into Generic RGB profile.
SOLARIZED TERMCOL R G B
base03 brblack 0 32 41
base02 black 8 41 51
base01 brgreen 70 91 98
base00 bryellow 82 104 112
base0 brblue 112 130 132
base1 brcyan 129 144 144
base2 white 234 226 203
base3 brwhite 252 244 220
yellow yellow 166 118 0
orange brred 192 58 17
red red 212 38 35
magenta magenta 201 41 111
violet brmagenta 89 94 183
blue blue 29 120 200
cyan cyan 31 144 134
green green 114 135 0