I would suspect the drive is pre-formatted for a Windoze format, which is a guess. Mac's don't necessarily support ALL Windoze formats, but a lot of vendors send them out pre-formatted like that because of their huge market share. You'd need to contact the vendor or visit their web site for confirmation. That's what I would do first.
Another possibility is that the drive itself isn't recognized properly by the system. You might want to try the following reset to make the system acknowledge the drive:
http://support.apple.com/kb/HT1379
That's what I would do second.
If that doesn't work you might want to evaluate some of the documents or even call the guys at the following company:
http://scsc-online.com
Look at some of the stuff in their downloads section, it might be of help to you. If needed, give them a call. If they have time they might help you out. I work with them all the time, but then again I'm a repeat customer, so I'm biased.
FWIW, a local store had a "fire sale" on some SanDisk SSDs so I bought a small 64G one just to play with. First I did a raw SSD single drive config, which, as expected, hauled, but it didn't have adequate space. Then I did the Core Storage approach as described in the following article:
http://reviews.cnet.com/8301-13727_7-57550128-263/how-to-make-a-custom-corestorage-drive-in-os-x/
One difference, maybe, is that because I did a raw SSD install first I did the reset (Apple link above) before I did anything else. To be quite honest, I don't remember if the drive was pre-formatted for DOS/Windoze, I just went ahead and reformatted it as HFS+.
The Core Storage approach is still much faster than a typical HD, but it's not anywhere near as fast as a raw, standalone SSD. I would compare it to a high speed RAID unit, but you need to keep backups.
I'm paranoid about SSDs because I've read too many posts on too many web sites about them "losing everything" for no apparent reason. Core Storage works by constantly moving files from the SSD to the HD and back (at least I think it does), depending on use, and if one component fails, it's sort of like a RAID 0 failure...all is lost.
If you get the thing working I think you'll be happy with it. Mine boots ML in about 30 seconds, whereas an HD takes over a minute. If you're also automatically loading previously running programs, once again, night and day compared to a regular HD.
I think the future of traditional HDs is to be backup devices.