The posted solutions will not link any hidden files. To include them, try this:
cd /usr/lib
find /mnt/usr/lib -maxdepth 1 -print "%P\n" | while read file; do ln -s "/mnt/usr/lib/$file" "$file"; done
If you should happen to want to recursively create the directories and only link files (so that if you create a file within a directory, it really is in /usr/lib not /mnt/usr/lib), you could do this:
cd /usr/lib
find /mnt/usr/lib -mindepth 1 -depth -type d -printf "%P\n" | while read dir; do mkdir -p "$dir"; done
find /mnt/usr/lib -type f -printf "%P\n" | while read file; do ln -s "/mnt/usr/lib/$file" "$file"; done