I actually got my WordPress 2.0 working now. I had this problem but I’d done some modifications to the wp-settings.php file.
Where it says:
if ( !defined(‘COOKIEPATH’) )
define(‘COOKIEPATH’, preg_replace(‘|https?://[^/]+|i’, ”, get_settings(‘home’) . ‘/’ ) );
if ( !defined(‘SITECOOKIEPATH’) )
define(‘SITECOOKIEPATH’, preg_replace(‘|https?://[^/]+|i’, ”, get_settings(‘siteurl’) . ‘/’ ) );
I had these lines commented which resulted in the same redirect problem with the / turning to %2Fs. I uncommented it and I could login to the website again. Check your wp-settings.php file that these lines are there.
I’m having the redirect problem as well and I’m using the new WordPress 2.0. Surprised me that they’re still having the same problem with this.