sage doesn't load properly in mac osx 10.7.1 (Lion)

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How do I get sage to load properly on a Macbook Pro, OSX 10.7.1 (Lion), 2.26 GHz Intel Core 2 duo, 2 GB 1067 MHz DDR3? Terminal log follows:

Last login: Sun Oct  9 11:03:19 on ttys000
mth-pe201g-mac02:~ angel1jr$ cd ..
mth-pe201g-mac02:Users angel1jr$ cd ..
mth-pe201g-mac02:/ angel1jr$ ls
Applications            discreteharvestingreport
FinalReport_726_pm      etc
Library             home
Network             mach_kernel
System              mathworks_downloads
User Guides And Information net
Users               private
Volumes             sbin
bin             tmp
cores               usr
dev             var
mth-pe201g-mac02:/ angel1jr$ cd Applications
mth-pe201g-mac02:Applications angel1jr$ cd sage
mth-pe201g-mac02:sage angel1jr$ ls
COPYING.txt README.txt  devel       ipython     sage
Makefile    data        examples    local       spkg
mth-pe201g-mac02:sage angel1jr$ ./sage
----------------------------------------------------------------------
| Sage Version 4.7.1, Release Date: 2011-08-11                       |
| Type notebook() for the GUI, and license() for information.        |
----------------------------------------------------------------------
Setting permissions of DOT_SAGE directory so only you can read and write it.
---------------------------------------------------------------------------
OSError                                   Traceback (most recent call last)

/Applications/sage/local/bin/<string> in <module>()

/Applications/sage/local/lib/python2.6/site-packages/sage/misc/preparser_ipython.py in <module>()
      6 ###########################################################################

      7 
----> 8 import sage.misc.interpreter
      9 
     10 import preparser

/Applications/sage/local/lib/python2.6/site-packages/sage/misc/interpreter.py in <module>()
    100 
    101 import os
--> 102 import log
    103 import re
    104 

/Applications/sage/local/lib/python2.6/site-packages/sage/misc/log.py in <module>()
     63 
     64 import interpreter
---> 65 import latex
     66 import misc
     67 

/Applications/sage/local/lib/python2.6/site-packages/sage/misc/latex.py in <module>()
     37 import subprocess
     38 
---> 39 from misc import tmp_dir, graphics_filename
     40 import sage_eval
     41 from sage.misc.misc import SAGE_DOC

/Applications/sage/local/lib/python2.6/site-packages/sage/misc/misc.py in <module>()
    102     print "Setting permissions of DOT_SAGE directory so only you can read and write it."
    103     # Change mode of DOT_SAGE.

--> 104     os.chmod(DOT_SAGE, _desired_mode)
    105 
    106 

OSError: [Errno 1] Operation not permitted: '/Users/angel1jr/.sage/'
WARNING: Failure executing code: 'import sage.misc.preparser_ipython;  sage.misc.preparser_ipython.magma_colon_equals=True'
Setting permissions of DOT_SAGE directory so only you can read and write it.
---------------------------------------------------------------------------
OSError                                   Traceback (most recent call last)

/Applications/sage/local/lib/python2.6/site-packages/IPython/ipmaker.pyc in force_import(modname)
     64         reload(sys.modules[modname])
     65     else:
---> 66         __import__(modname)
     67 
     68 

/Applications/sage/local/bin/ipy_profile_sage.py in <module>()
      1 import os
      2 if 'SAGE_CLEAN' not in os.environ:
----> 3     import sage.misc.misc
      4     from sage.misc.interpreter import preparser, _ip
      5     preparser(True)

/Applications/sage/local/lib/python2.6/site-packages/sage/misc/misc.py in <module>()
    102     print "Setting permissions of DOT_SAGE directory so only you can read and write it."
    103     # Change mode of DOT_SAGE.

--> 104     os.chmod(DOT_SAGE, _desired_mode)
    105 
    106 

OSError: [Errno 1] Operation not permitted: '/Users/angel1jr/.sage/'
Error importing ipy_profile_sage - perhaps you should run %upgrade?
WARNING: Loading of ipy_profile_sage failed.

<ERROR: name 'sage_prompt' is not defined>