The shiningpanda-plugin gives you three builders: Virtualenv Builder, Custom Virtualenv Builder and Standard Python Builder. It also provides you with an axis to easily test on multiple Python versions.
You can check the documentation here.
This is the builder we advise people to use: it uses virtualenv to create an isolated Python environment, using the specified Python version. virtualenv will create its own instalation directory, and any library you install will go there.
Custom Virtualenv Builder
This builder lets you specify the path to a virtualenv in your environment, so as to run your builds inside it.
Standard Python Builder
This builder uses a Python installation declared in Jenkins's global configuration. It is useful if you do not need to install Python packages to build your project.
The shiningpanda-plugin also comes with a Python axis that lets you build your project on multiple versions of Python. It is a must have, especially with Python 3 around the corner, and awesome projects like PyPy, Jython or Iron Python.
Of course shiningpanda-plugin is pre-installed and configured on all ShiningPanda accounts! So if you want to save time, have a look at ShiningPanda's hosted solutions.