Its not always straightforward to get an Erlang build set up on Mac OS. Especially if you want a particular version, and don’t feel like playing around with which version of gcc will properly compile to a working (fully test-passing) build.

The folks over at Erlang Solutions have a great little site where you can download previous builds as binaries and just install them.

Definitely the least painful way to get R14B03 on Lion:

Download Erlang OTP