There's no single accepted one-lifetime interpretation of pratityasamutpada in modern Buddhism. There have been multiple attempts to come up with such an explanation though.
1) A decent summary of this question and the various approaches to it is Dhivan Thomas Jones' "New Light On The Twelve Nidanas", published in Contemporary Buddhism journal in 2009.
Jones discusses Nanavira Thera and Buddhadasa Bhikkhu both of whom independently came up with their slightly different this-lifetime interpretations of the Twelve Nidanas of Pratityasamutpada. He also summarizes Bhikkhu Bodhi's polemics with the two, defending the 3-lifetimes interpretation from the traditionalist point of view.
2) Bhikkhu Analayo in his study of Goenka meditation, "The Development of Insight –
A Study of the U Ba Khin Vipassanā Meditation Tradition as
Taught by S.N. Goenka in Comparison with Insight Teachings in
the Early Discourses", touches upon the topic of 12 nidanas.
There he says:
In the Pāli canon, the Paisambhidā-magga has as its predecessor the Vibhanga, the second and perhaps earliest book in the canonical Abhidharma collection of the Theravāda tradition. Regarding the topic of dependent arising, the Vibhanga presents an alternative mode of interpretation, which applies each of the twelve links of dependent arising to a single mind-moment. The Vibhanga explains that, when considered from this viewpoint, the reference to 'birth' in the context of the twelve links can be understood to refer to the arising of mental states. A similar
interpretation can be found in the Mahāvibhāsā of the Sarvāstivāda tradition.
In addition to Vibhanga, Analayo also quotes Abhidharmakosa-bhasya 3.25 proclaiming that "all twelve links can be found in a single moment".
3) The Shambhala tradition founded by Chogyam Trungpa Rinpoche follows his (Tantric) interpretation of 12 nidanas as describing the process of psychological development of the feeling of "otherness", solidification of "thingness" that culminates in the I-making. Trungpa says:
Ignorance ... symbolizes old generation giving birth to further generations, while remaining fundamentally blind. [Perpetuating the] concepts and ideas about how the world should be... [Ignorance is] the basic intelligence that stirs endless clusters of solidified thought and crowded energy. ... The energy begins to see itself. [Ignorance is] the clumsy discrimination ... with its quality of thingness, or solidified space. ... It is the beginning of self-consciousness, which is based on clinging to intangible qualities as if they were solid.
Samskaras represent the process of impulsive accumulation ... again and again shaping ... conceptual mind, forming itself into certain patterns. It is the point at which karmic creation begins. ... That activity takes place constantly. Basically, karma is created by ... the sense of I-ness and the sense of other. By means of [action based on these two] we make ourselves into something. As [the cycle] goes on and on, it produces further speed.
Things slowly escalate that way. ... When an object has a conceptualized name, it becomes significant. ... Names and forms serve as ... philosophical reinforcement. For instance ... you think that the title should fit the person.
[Contact] At this point, you can no longer simply exist alone without relating with the rest of the world. ... [You have] made your situation very solid and clear ... you ... make it into a solid thing, you develop personality ... self-respect ... foreign relationships.
[Vedana] is the first real perception of "this" [- the self] and "that" - the world outside. ... It is like feeling alive, feeling that you are really living in this world.
At the same time, you experience a natural self-indulgence, a craving for more milk and honey.
[Upadana]. With this nidana, there is a tendency to do whatever you feel like doing. [Objects of desire] are very definite, lumpy, and satisfying.
[Becoming]. In this nidana, you have finally been caught. ... Instead of dancing around ... you have been captured by this life. ... You are taking life more seriously, adopting a somewhat more defined form.
[Death]. Having had so much fun playing with phenomena ... that was exhilarating, but that excitement has become questionable. The many objects you have created ... the situation of having too many things to manage ... becomes [an image of] the charnel ground.
From my perspective based on years of studying and practicing this stuff... Trungpa's explanation is definitely the right one (even if a bit unclear & incomplete). It seems clear to me that this is what Buddha had in mind when he originally taught it.