A tokenization platform and method is described for accurately tokenizing character strings, including but not limited to non-delimited character strings of the type commonly used in Internet domain names and computer filenames, to accurately identify words and phrases occurring therein. In one embodiment, a phased tokenization approach is used in which the final phase is a lexical analysis-based tokenization using a dictionary. The dictionary may be advantageously created and updated based upon one or more query logs associated with respective information retrieval systems, thereby ensuring that the dictionary accurately reflects currently-used terminology and captures alternative spellings and presentations of words and phrases submitted by users.