Thanks again, Osbios. Based on your suggestion, I tried several configurations and found the following surprising results:
(a) Static GLEW (glew32s.lib) and Static SFML libraries
Result: ERROR - undefined reference to glewInit
(b) Dynamic GLEW (glew32.lib) and Static SFML libraries
Result: ERROR - multiple definition error for glewInit, first defined in glew32.lib (glew32.lib comes first in the linker option)
(c) Static GLEW (glew32s.lib) and Dynamic SFML libraries
Result: ERROR - undefined reference to glewInit
(d) Dynamic GLEW (glew32.lib) and Dynamic SFML libraries
Result: WORKS!! BUT upon exit, the program crashes.
In terms of using GLEW with SFML, configuration (d) works fine for me so far. The reason why the program crashes seems to be because of mixing SFML drawing (such as Text) with OpenGL. I found this out when I compile the OpenGL sample that comes together with SFML 1.5. I don't know whether this happens to others or this problem has been solved in the newer versions. Any idea why?