I doubt it, but I could well be wrong. This I do know though, Android is linux based, and open source. The NTFS file system was created/is owned by Microsoft, so anyone wanting to use it has to get permission from MS.

Sony didn't want to pay MS to use NTFS, hence why the ps3 won't read an NTFS drive through it's usb ports. But oddly enough, it will read my NTFS NAS, through my router via ethernet

 

I suppose with a custom ROM anything is possible but sadly no, the stock firmware will not read NTFS.

Have a look at NZTechFreak's YouTube video, it gives a good explanation of what you can do with OTG and what you cannot YouTube - ‪Samsung Galaxy S2 USB OTG demo‬‏ (thanks NZTechFreak).