Can’t run Java plugin in Chrome for Mac OSX after installing Oracle JDK 7?

If you are using Mac OSX (i am on Lion)  and you just installed Oracle JDK / JRE 7  your Java applets in Chrome will stop working. You will basically be told Chrome does not support Java 7 on the Mac platform. A 64-bit browser (Safari or Firefox, for example) is required to run Java 7 on Mac OS X. 32-bit browsers such as Chrome do not support Java 7 on the Mac platform. Continue reading