TiDZLabel allows you to create labels using the native Ti.UI.createLabel method with text like: Dezinezync created this Label.
TiDZLabel only shows how such labels can be created. It is not a module or plugin or any of those.
TiDZLabel also auto truncates the text if it extends beyond the set width.
Auto expanding height is still not supported. I shall look into implementing that soon. If you find a way to do that, do let me know via twitter: @dezinezync
Note: This has not been tested on Android yet. If you have verified it, please do let me know.