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I wrote one recently. Haven't had much time to maintain it but it's about as small n good as I've seen. :)

https://github.com/jasonmoo/DumbledORM

+1 I've used this for a few projects already :)

Oh sweet. Glad to hear it beagledude. :)

Try Idiorm (for basic ORM and query-building) and Paris (a simple Active Record implementation):

http://j4mie.github.com/idiormandparis/

Pheasant is small, I'm the author so I'm biased as to whether it's good though.

http://getpheasant.com

Doctrine (http://doctrine-project.org/) is good, but not small.

I've used doctrine a few times, its nice that it does auto-loading by default (helps on load-times), but it does immediately quadruple the codebase of almost all my projects.