VMware provide packages for Ubuntu on packages.vmware.com. The install procedure is documented in VMware Tools Installation Guide: Operating System Specific Packages.
To add the repository and install the tools do:
apt-add-repository 'deb http://packages.vmware.com/tools/esx/4.1latest/ubuntu lucid main restricted'
wget http://packages.vmware.com/tools/VMWARE-PACKAGING-GPG-KEY.pub -q -O- | apt-key add -
# The above links to the ESX "4.1latest" builds of VMware-tools; however,
# these packages should be compatible with all VMware servers, not just ESX 4.1)
apt-get update
apt-get install vmware-open-vm-tools-kmod-source
module-assistant prepare
module-assistant build vmware-open-vm-tools-kmod-source
module-assistant install vmware-open-vm-tools-kmod
# EITHER: install tools for headless system
apt-get install vmware-open-vm-tools-nox
# OR: install for Xorg system
apt-get install vmware-open-vm-tools