This is a mix of two of the other "current iTunes song" geeklets on this site, however, neither of them were perfect. One worked rather well but ALWAYS kept iTunes open, and the other didn't work.
This geeklet prints like so:
Posters - Jack Johnson (Brushfire Fairytales) | paused at 17%
Anyways, download both files and put the script file in the following location:
Otherwise you'll just have to change the currentsong.glet command to point to another location - either way works.
Additions I have made are: If iTunes is closed, geeklet says it's closed. If iTunes is paused, geeklet says it's paused. Enjoy.