I don't know if it will help you but i tested with ogr2ogr command line tool and this command do the job (assuming 'Polygon' is the field containing the geometry in WKT) :
ogr2ogr -f "ESRI Shapefile" output.shp -dialect sqlite -sql "SELECT *, GeomFromText(Polygon) FROM input" input.csv -a_srs "WGS84"
Maybe you could adapt that to the ogr2ogr python tool ?
I also posted an answer on Stack Overflow, using ogr python bindings (it basically do the same, but its more than 1 line of code..!)
EDIT : I tested with the ogr2ogr python tool and i it seems that the -dialect parameter is not implemented.
However, if you cant find better option, it works if you call ogr2ogr (the command line tool) with subprocess in python :
In : import subprocess
In : subprocess.call(["ogr2ogr", "-a_srs", "WGS84", "-f", "ESRI Shapefile",
"output.shp", "input.csv", "-dialect", "sqlite",
"-sql", "SELECT *, GeomFromText(Polygon) FROM input"])
As you see it will return the returncode of the process (here, 0 if it success or 1 if it fails).
(tested with GDAL 1.11.2 / python 3.4)