Like some others I am getting this error when I run rake db:migrate in my project or even try most database tasks for my Ruby on Rails 3.2 applications.
"Postgres.app" is a better fix if you are on OS X
Here is the fix:
cd /var
sudo rm -r pgsql_socket
sudo ln -s /tmp pgsql_socket
chown _postgres:_postgres pgsql_socket
More information is available at "postgresql 9.0.3. on Lion Dev Preview 1".