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A-Saturn
http://f-ts.bias.ne.jp/~azuco/enter.htm
Freeware emulator for Windows.
Project Titan
http://titan.emuhq.com/
An open source emulator for Windows. Only the Source Code is available.
Saturnin
http://saturnin.consollection.com/
A freeware emulator for Windows.
SegaSaturn Emulator
http://home.h01.itscom.net/phantasy/ssf/
A freeware emulator for Windows.
Yabause
http://sourceforge.net/projects/yabause/
An open source emulator for Linux, MacOS X, and Windows.