I have a LaTeX project set up:
tex/ - documents/ - some_file.tex - support/ - todonotes.sty
where some_file.tex us
some_file.tex
In Mac OS X (Snow Leopard 10.6.7) put your .sty file in
.sty
/usr/local/texlive/2010basic/texmf-dist/tex/latex/base/
Then, run texhash command. Don't forget to stay as a root user (like sudo -s )
texhash
sudo -s