Updating since this Q&A was at the top of the search results when I was looking for the answer.
In MSSQL 2008 R2:
Right Click on database: Tasks -> Generate Scripts...
The Generate and Publish Scripts dialog will pop up. The Intro page is worthless. Click "Next"
Choose "Select Specific database objects" and then select the Table(s) you want to get Inserts for. Click Next and the dialog will advance to the "Set Scripting Options".
Click on Advanced and you should see:
Scroll down the list of Options until you find "Types of data to script". Click on that row and choose "Data Only" from the pull-down. Click "OK". Choose your Save options and click "Next" a few times.
Note - The output also includes the following after every 100 inserts.
GO
print 'Processed 200 total records'