Someone made a plugin that does what Lynne is talking about (and more). Haven't used it, so no comment...but you might check it out.
https://vborg.vbsupport.ru/showthread.php?t=235203
--------------- Added [DATE]1293226751[/DATE] at [TIME]1293226751[/TIME] ---------------
Or if you want to only do what you asked:
Go to Admin CP / Plugins & Products
Add new Plugin
Fill in the following Fields
Product: vBulletin
Hook Location: login_redirect
Title: Login Redirect to homepage (or whatever you want to call it)
Execution Order: 5
Plugin PHP Code:
PHP Code:
$vbulletin->url = 'http://www.yoursite.com/the-url';
Plugin is Active? Yes
Obviously just substitute the "http://www.yoursite.com/the-url" with the url you want it to redirect to.
Save it.
It should work now.