Share iTunes Library between OSX and Win7 Bootcamp

I've done quite a bit of research on this but I still haven't found a solution that does what I require.

Basically my setup is a SSD & HDD in my MBP. I have OSX and Win7 (Bootcamp) on the SSD and the NTFS HDD is a shared file storage drive for both Windows and OS. I have my iTunes library located on this drive and I want to be able to share the library between the OSs. I also want changes e.g. additions deletions made in windows to be reflected in OSX and vice versa.

Technically this is possible and does in fact work if I point iTunes to the .itl file but the problem is that when I open iTunes after switching OSs it must go through a very lengthy library update which can take 30-60mins in some cases before I can use it. Obviously this is not a good solution so I'm wondering if there are any workarounds to accomplishing this?

For example can I duplicate the .itl file and have one for win and one for OSX and still have the libraries stay in sync?