http://lifehacker.com/5045904/the-power-users-guide-to-google-chrome
Highlights:

Create a shortcut to the new profile.
Create a new shortcut on the desktop or wherever you want it and point it to the following:
Vista: C:\Users\Aryaman\AppData\Local\Google\Chrome\Application\chrome.exe –user-data-dir="..\User Data\Your_Name"
XP: C:\Documents and Settings\User\Local Settings\Application Data\Google\Chrome\Application\chrome.exe –user-data-dir="..\User Data\Your_Name"