Create a node on user account creation. Display link to user on first login
Assuming you are using Drupal 7, I'd advice you not to do this. 

Drupal users are now entities and field-able. 

In Admin > Configuration > People > Manage Fields tab, you can add new fields to the profile. With Profile2 module, you can have even more control over these fields (this will become a new entity type, with option to have separate tab in user edit page, etc). 

If you are using Drupal 6, while being prepared to upgrade your site to Drupal 7 or 8 in near future, you can use Content Profile module to do this. 

Also, if you need to automate these data/fields with user registration, give a try to Rules module. 

Profile2 and Content Profile, as well as core profiles have Views support so you can show these profile fields in user with a 1:1 relationship (if you create a new node without binding it to the user, how do you find the correct node from pool ?).