Ran into the same issue myself. First, drop the two tables it created in phpMyAdmin. Then look in links_admin.php and replace the create table w3t_links code, (found around line 488), with:
CREATE TABLE w3t_links_categories ( cat_id int(11) NOT NULL AUTO_INCREMENT PRIMARY KEY, parent_id int(11) DEFAULT NULL, title varchar(50) NOT NULL DEFAULT '', cat_desc varchar(60) DEFAULT NULL, cat_order tinyint(10) NOT NULL DEFAULT '0' )
Now run the install script again.
I think I read that fishtails is planning to update the install script when time permits.
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