Upgraded my HDD to SDD. Can boot successfully via USB but will not boot when in MBP
Thank you for all the responses. I believe I have tried everything and have lost count of how many time I have switched the drives, formatted and reinstalled the Lion.

I figured out the problem, in the end, it turned out to be a problem with the firmware. The firmware on the drive was not compatible with late 2011 MBP and needed to be downgraded. After downgrading the firmware to 0309 it worked like a treat!

Thank you for all the responses, most appreciated. I hope this helps some people out.