The 19-year-old midfielder, who joined Chelsea with another Elland Road academy product, Michael Woods, in controversial circumstances in 2006, has joined the Cumbrians on loan.
Taiwo broke his leg at the start of the 2006 season at Stamford Bridge and only returned for the end of the campaign in the reserves.
Last season the former England U-17 international made 25 appearances for the Blues' youth team, plus one second-string outing before a short-term end-of-season loan spell at League Two Port Vale brought five league appearances.