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We demonstrate optical orientation in Ge/SiGe quantum wells and study their spin properties. The ultrafast electron transfer from the center of the Brillouin zone to its edge allows us to achieve high spin-polarization efficiencies and to resolve the spin dynamics of holes and electrons. The circular polarization degree of the direct-gap photoluminescence exceeds the theoretical bulk limit, yielding ~37% and ~85% for transitions with heavy and light holes states, respectively. The spin lifetime of holes at the top of the valence band is found to be ~0.5 ps and it is governed by transitions between heavy and light hole states. Electrons at the bottom of the conduction band, on the other hand, have a spin lifetime that exceeds 5 ns below 150 K. Theoretical analysis of the electrons spin relaxation indicates that phonon-induced intervalley scattering dictates the spin lifetime., Comment: 5 pages, 3 figures