At his best, I think Lennon's a better player than Townsend at his best. Not saying Townsend won't improve, that's just how I see it right now, October 2013.
However, because Townsend is indeed on top form right now, he has definitely earned the right to be considered first choice. For that to change, either Townsend's form would have to drop (let's hope not), or else Lennon needs to prove that he's back to his very best (in training and in the cups). In an ideal world, the competition will do them both a favour by forcing them to up their game. Ultimately, my hope would be that Lennon comes back into the first team over the next few months - but not because of favouritism or perceived seniority, but because he merits it.