[tyranuus]

Sorry to partially res this thread, but reading through it I was amazed at how much confusion there is over Holo/Horo's attitude at the end. I realise I'm new so my thought train may not be taken too seriously, in fact I'm not a major Anime person, but Spice and Wolf completely won me over. Sucker for a love story I guess!
I think various people in this thread have got pretty closed to it, especially those who've watched the OVA from the start of Spice and Wolf II as its perhaps a little more direct than much of the rest of the series in how she feels.
Basically, it is implied a lot through the two seasons that Horo is incredibly lonely, she originally set out on her journey to return home as she felt that there was nothing left for her in the human world; no one knew her beyond fear/respect or legend, and I think it is heavily implied that she was very fond of the original person who requested she protect the village, whilst she was on a journey, perhaps of discovery.
She has lost multiple partners who had become dear to her over the centuries, and the fact that even the village she had protected for so long, no longer cared for her I believe was a further knife to her hurt, and possibly not the first betrayal she had felt.

She originally set out with Lawrence because it would be an opportunity to return to her homeland and her kind (that I think is actually important here), as she had come to believe there was nothing left but pain and misery for her amongst humans.

The OVA specifically mentioned that he had effectively kissed her in 'wolf' by touching her nose, something that both embarassed her, but also something he was completely oblivious too, remember that on top of her slight edge of social awkwardness due to lack of interaction beyond just watching, she also has a high level of pride. She then went on to dream of touching noses and hugging him again demonstrating her desires quite openly.

In the earlier light that she effectively left to return to her kind, I think the wolf and lawrence scene shown both in the OVA and at the beginning of Season II again began to show just how she was beginning to feel towards Lawrence.
To be able to find her people again; the reason she began the trip, and yet to take Lawrence over to them...only to be reminded that she would still be young, and the same Horo, when he was but bones is an incredibly painful reminder to her. Furthermore her accepting the love might be an act which would possibly cut her off from her own people as well, and she would be left with nothing, which would be unbearable to her. To have to return to loneliness after what she described as some of her happiest times in memory would seem to be one of her worst nightmares, finding herself truly and completely alone.

In trying to split up with him, she is perhaps trying to break the bonds she has with him less painfully than having to watch him age, and die before her eyes, and also ensure that he is at least happy and has fulfilled his dream, not realising that that dream has slowly turned from opening his own shop, to being with her. (and is a reflection of her own fear, rather than her feelings towards him, despite her assertions otherwise, as it has been made painfully obvious at various points that Horo's deepest fear is being truly alone)

By refusing to let he break away so easily, he has not only shown himself in a different light to what she was expecting, and thrown away his dream for her, but also wounded her pride, as she had miscalculated and acted foolishly, trying to throw him away to avoid further pain believing he would just betray her and lead her to further pain as with her previous experiences (perhaps by focusing on his trading rather than her).
Either way, despite her facade, I believe it is fairly obvious she loves Lawrence deeply, but is both too afraid and proud to tell him, the 'I... I'll' bit I take to be her trying to say it then being unable to and switching subject as she has done multiple times in the past, her anger which she had previously showed him was possibly as much towards herself as him.
There may also be further issues in the future should he stay with her, as he does not know everything about her or the legends surrounding her, or possibly in light to the rest of her kind, which is why now that he has made his stand, which she has accepted, she is making him accept responsibility for whatever may happen in the future. Her comment on it being troublesome if she falls in love with him I believe is a half truth, she already KNOWS she is in love with him, but emotionally is incredibly confused, and scared.

Sorry Im very tired, and Im pretty sure I've forgotten some sections of my argument (I had a more well thought out response before writing this, and whilst reading I'm sure), but from watching both seasons in a few days, these are my feelings on the subject; arguably boiling down to she is also in truly in love with him, but is both too prideful,and also full of fear of the future and what may happen, because of past experiences, to just come out and say it.