You'll need to implement it yourself for WP7.5 and SL4. However, you can make it so that on platforms that already support it (ie .NET 4.5, WP8, etc), it will use the in-box version (and thus you can share it with other libraries that use the "official" version.
Basically, create your implementation as a PCL that targets all the platforms you want. Then create another PCL targeting the platforms that do support System.Lazy. This second library should have the exact same assembly identity as the first one, but instead of having an implementation of the type, it should use the TypeForwardedToAttribute to forward to the existing version of the type.
Then PCLs targeting broader platforms can use the first assembly you created, while platform-specific projects or PCLs targeting narrower platforms can reference the second one. You can make it easy to reference the right version of the assembly from the right projects by packaging them up into a NuGet package.