I agree with Chris S.  But knowing Pinoccio, he would soon say, "just kidding" and the nose would proceed to grow.

where N is the proposition that his nose will grow:

1. if N then not N

2. not not N

3. therefore N (rule of modus tollens)

or 

1. if N then not N

2. N

3. therefore not N (rule of mdus ponens)

This is a logical paradox on the surface since affirming N leads to its negation and vice versa. One must find a way to show how premise one is mistaken. Things must be taken into account like whether or not he believes what he is saying to be the truth or if he is lying. 

This is really just a colorful version of the liar paradox: "This sentence is false"