OK, I took a few minutes to install fuse-ext2 (already have OSXFuse) and format a USB stick in a Linux VM so I had a disk to play with.
This is what you need to do (and in my opinion, the whole process is shaky and error-prone, so you are working at your own risk here...this is simply the least shaky and error-prone method I got to work):
When you have OSXFuse and fuse-ext2 installed, simply attaching the drive should cause it to mount and be displayed in the Finder. This is going to be read-only. If all you need to do is recover data off this disk, then great. Everything works and when you are done simply eject it like any other disk.
If you need to write to this disk (and really aren't willing to just use a Linux VM) then:
1. Open Disk Utility. You will see the disk with its volume directly underneath it.
2. Select the volume. Click the Info button in the toolbar and note the device identifier (disk3s1, disk4s1, or something similar. If it's simply like "disk3", then you selected the disk, not the volume), as you will need it later;
3. Ensuring you have still got the volume selected, click Unmount (NOT Eject) in the toolbar. The volume should be greyed out now;
4. Open the terminal. Type the following line (except replacing the disk identifier and mountpoint with the correct information specific to your set up) at the command prompt:
sudo fuse-ext2 -o force /dev/disk4s1 /Volumes/Linux
You will be asked to type your administrator password, which will not be echoed back at all as you type it. The volume should now mount on your Desktop.
5. Do whatever work you plan to do. Note that the fuse-ext2 project makes the warning that there is no guarantee that a read-write mount is safe or bug-free. Caveat emptor.
6. When done, return to Disk Uitility, select the disk (not the volume this time) and click the Eject button in the toolbar.
Essentially, fuse-ext2 mounts the disk as owned by root with rwxr-xr-x permissions. Therefore, you need to authenticate using sudo to get the -o force option to "take" in order to allow write access. If you "Get Info" on the volume in the Finder after it mounts, you will see you have "custom access". Personally, I would call this a bug in fuse-ext2, but it is only version 0.0.7...so it's not like bug-free can be expected.
And one final time...caveat emptor. No guarantees about stability, data loss or anything else if you are trying to use fuse-ext2 for read-write access.