Most people arrive by car. NY Route 96 is Main St, passing through Trumansburg on its way fromIthaca to Waterloo and Geneva. T'burg is about 10 minutes from Ithaca.
TCAT Tompkins County Area Transit (http://www.tcatbus.com/) bus route 21 runs down Main St to Ithaca and the Cornell campus with good service in the morning and evening, sparse other times. During the summer, there is seasonal service between Ithaca and Taughannock Falls. Ithaca taxis will take calls from Trumansburg. Right Limousine (http://www.rightlimo.com/) provides stretch limos for events, wine tours, and airport transfers.
It is possible to bicycle among Ithaca, Trumansburg, and Taughannock Falls, although the ride from the falls up to the village has some steep hills. TCAT buses all have bike racks, so one can ride one way such as downhill from T'burg to Ithaca and take the bus the other.
