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I have WinXP installed on OSX host and after upgrading to 10.7 the network sharing between host and guest OS doesn't work. What could be the reason and how to solve?

Not enough information to be able to help.
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Host OS is Mac OS Lion, with couple shared folders which were available to guest WinXP and vice versa guest OS was available to MacOS as a network machine before upgrading to 10.7. Now network sharing doesn't work but still internet sharing works fine. No more changes were made than just upgrading from 10.6+ to 10.7... What other information is required?

You could try installing VirtualBox again. Post a guests log file (as an attachment)

I've already tried to reinstall MacOS and install a VM again but the problem appears again. What log did you mean?

See Chapter 12.1.2 Collecting debugging information in your VirtualBox users file.

So here are my logs:

Your guest is using NAT. Switch to Bridged if you want network shares to work.

And do I need to create another ethernet connection in host if one is already used to connect to the Internet?

If this used to work then all I can think of is somehow it got changed. You should be able to simply shut down the guest and change to Bridged in the network section of the guest settings.

I've changed the connection type to bridged network with en0: Ethernet interface (which as I've said before is used for Internet connection) but it doesn't help more than that internet sharing stop working...

Sorry for maybe my being annoying but I really want this problem to be salved! How about remote connection via TeamViewer or maybe some other way that could be more helpful?

Will someone on the VirtualBox support forum help me to solve my problem with VirtualBox?