Compatible with TrueCrypt - no. I have looked for this too (would be great for encrypting USB memory sticks) and I gave it up. There is
http://luks.endorphin.org/ which is supposed to be linux/windows compatible but it is far from finished.
You could use dm-crypt if you need linux only, but then Windows is locked out. There are also commercial solutions (e.g. BestCrypt) that have both windows and linux drivers.