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Although this functionality is built-in to Windows 2000/XP, there are several extensions available to make working with symlinks more comfortable from Explorer since Microsoft didn't include this functionality in the context menu. My favorite tool is NTFS Link.
NTFS Link is a Shell Extension that provides its functionality through the Explorer context-menu when you right-click. In the figure below, notice the NTFS Junction Point and NTFS Hardlink options.
Junction (for command-line)
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