What app are you printing from ? What printer are you printing to ? In 10.0.4 from Classic I had make sure print in foreground was selected or I got a similar problem. 10.1 doesn't seem to suffer from this. More details please.
this happens with any application. i'm printing to the lexmark z22 pos that came free with my imac. oddly enough, it's not supported by 10.1, but the lexmark web site has osx drivers. when i hit print, nothing happens at all and then the printer will decide to spool up and start printing. from then on, i can print just fine, it happens right after i hit print. then, if the computer goes to sleep, the whole process starts over again.
it's no fun.
also, my printer disappeared from the classic os chooser for some reason. but that's a different story (i think).
temporary solution to both problems: unplug the printer from the computer and re-plug it in. then it shows up in the chooser in 9 for awhile and it will print immediately. it will eventually disappear from the chooser and start lagging, though.