I watched the champion spotlight and saw Phreak troll about lulu jungle. I decided it couldn't be completely made up and experimented a little with it. The result is a valid jungle champion with excelent ganking potential who can hot swap to supporting late game if truely needed.

Pros:
Rapid mobility thanks to Whimsy
Protective ganks thanks to Wild Growth
Effective ganks thanks to Glitterlance's slow and Help Pix's sight.
Able to transition into a supporting role with little difficulty if needed for team fighting.
Cons:
Slow start to jungling requires ganks to keep even off the start.
Requires blue for almost the entire jungle phase, denying it to the AP carry
Relatively squishy to burst off the start, especially physical such as Riven/Fiora types

These runes are designed to synergize with items and masterys to empower Lulu early to late game. the quints are there to augment her admitedly slow start jungling so she doesn't fall behind on early creep farming. The Aspeed runes help both when ganking and when farming the jungle, enhancing her passive. The armor runes are good for minimizing damage in the jungle and from the opposing jungle and gank targets. the CDR runels will allow you to reach cooldown cap at lvl 18 with only Nashor's tooth for aditional CDR.

The masterys are designed for a mix of supporting and jungling. the defensive masterys are geared towards armor and hp to help her both in the jungle and when ganking. the utility masterys include gold generation that sets her at 5 gold per 10 seconds off the start. The bonus experience in utility keeps you even with opposing junglers when ganking is poor, and pushes you ahead with the bonuses when it's good.

The item build is a Attack speed hybrid build to enable effective ganks and jungling. the attack speed is vital for Lulu to effectively kill jungle camps without using her entire mana bar. It also helps her gank as her passive is only affected by attack speed for extra damage. There are many options for items i originally considered. I used to purchase a Madred's Bloodrazor, but later re-evaluated the purchase due to it's high cost with low effect on non-hp stacking opponents. Lulu is capable of kiting most tanks endlessly, so the items now focus on killing carries faster.
Keep the Madred's Razor until you are forced to sell it as it helps when farming and cleaning up jungle camps, plus is a bonus for Dragon/Baron fights.

The skills emphasize thoes that will help you kill opponents when ganking. Glitterlance is her highest damaging ability due to it having the lowest cooldown and being capable of hitting multiply enemies, so it's maxed first. Also ranking it prolongs the slowing effect allowing more damage from autoattacking.
Giant Growth is important both for self casting and for aiding an ally on a gank. The bonus life can turn a baiting teammate into a viable fighter again, and the slow field on a melee type can ensure no enemy escapes. particularly effective on champs like Garen and Riven i found due to their ability to stay directly on top of an opponent.
Help Pix is a god send on a gank due to it's ability to reveal opponents who dive into bushes, and it's effect of making your passive auto hit. you only need 1 rank to aquire these effects though so i focus on Whimsy's utility more.
Whimsy will reach just above a 7 second cooldown with CDR cap and rank 5. this allows you to chain cast it as a nearly permanent ghost when moving or repeatedly use it to shut down opponents in combat. When pursuing an opponent the combination of Glitterlance's slow and Whimsy's haste means almost no-one can escape, and Whimsy also makes Glitterlance hit harder with 60 bonus ability power. conversely you can use it to prevent an teammate's death by polymorphing on a rapid cooldown.

Start at blue and Glitterlance on cooldown, with a good leash you'll have plenty of life left, a simple leash will leave you low. Reguardless tackle wolves next after learning Help Pix. when engaging the wolves open with Glitterlance and Help Pix cast offensively on the big wolf, lance again when it coold and use Help Pix defensively to preserve a few hit points, the wolves sould die shortly. Check for a gank on mid lane, if one isn't available head to wraith. offensive Help Pix and Glitterlance make short work of the wraiths, then tackle the twin golems using smite on the big one. at this point look for a gank if one hasn't presented itself earlier, top lane is usually vulnerable right now. DO NOT fight red without Madred's Razor, it's just way too damaging for poor Lulu and not an effective use of your time. With the camp's you have cleared you should be around 450 gold, you need 700 to complete the Razor so either gank or re-kill wolves or wraiths. once you have your boots, Razor, and malady none of the jungle camps will be a bother and you can function like a normal jungler.

your first priority is to maintain vision and hit with Glitterlance, so i usually open with Help Pix so the lance is more accurate. save Whimsy at low levels for defense as the cooldown is longer and it will still slow an opponent in a pinch. once you have landed a Glitterlance on your opponents pursue them mercilessly, most will flee in terror. The slows you have coupled with damage output and an ulti that can save almost anyone will make it so that opponents have to run and not fight. If you have red buff the outcome is dire for your victim as the combined slowing of red, lance, and Whimsy make escape nearly impossible. most opponents will flash to escape, just kill a jungle camp then return to finish the job.