Custom content translation links
This worked for me. Incase there was no translation node, I send the user to the homepage.  

$tpath = translation_path_get_translations($_GET['q']);
if ($language-&gt;language == 'en') {
    if (array_key_exists('fr', $tpath)) {
        $tlink = "&lt;a href='/fr/" . drupal_lookup_path('alias', $tpath['fr'], 'fr') . "'&gt;Français&lt;/a&gt;";
    } else {
        $tlink = "&lt;a href='/fr/'&gt;Français&lt;/a&gt;";
    }
} else {
    if (array_key_exists('en', $tpath)) {
        $tlink = "&lt;a href='/" . drupal_lookup_path('alias', $tpath['en'], 'en') . "'&gt;English&lt;/a&gt;";
    } else {
        $tlink = "&lt;a href='/'&gt;English&lt;/a&gt;";
    }
}

print $tlink;