I have successfully duplicated this issue on multiple machines, multiple user accounts running variations of 10.7 - 10.7.2. All Adobe updates applied.
Open Bridge CS5.1 > Click on EXPORT Panel tab > Save to Hard Drive (double click to edit) > choose Browse...
If you don't crash at this point... choose cancel and then select Browse again. You may also successfully select a folder, then go back and reedit preset by selecting Browse again... Crash.
I feel like I have tried it all... clean OS X, clean install of CS5.5 - no luck.
Ryan