As of this post, the software was recently updated for both Teensy (1.2.4) and Arduino IDE (1.6.2 - 1.6.5), and they are in sync. (Before this, the 1.5.x couldn't be used with Teensy; used the 1.0.3-5 branch of IDE.)
(Update 10/2017: Using Arduino 1.6.11 & Teensyduino 1.30)
Arduino (IDE) Software
Teensy Add-ins Software Teensy 3.1 Pinouts
I've installed successfully on Mac and Windows; some notes on the Mac installation:
The Teensy installer shows a particular path on Mac OS /Applications/Arduino.app/
Though it may appear selected, click on it once to activate the Next button.
Be sure that the version of the app is a valid one (shown on its start screen). It also lists 1.0.6, but that one wouldn't complete the install on my system, reporting a missing file pde.jar.
Docs reference the installation of the FTDI serial driver, but I did not need to for my Mac running OSX 10.10.
Get Teensy boards direct from developer (pjrc.com) or from distributors including ameridroid.com located in California.
An example
Here's a "Blink" program that uses the millis() instead of the delay(). Offers flexible timing and is non-blockingconst int led_pin = 13; // 13 on uno, mega, T3.1; pin 11 on teensy 2
void setup() {
pinMode(led_pin, OUTPUT); // don't forget to set pin mode!
}
void loop() {
int t = millis();
if (t % 500 == 0) digitalWrite(led_pin, 1); // LED on every half second
if (t % 500 == 60) digitalWrite(led_pin, 0); // LED off a little later
// Can do other stuff in the meantime
}