There's a new bbcode tag you can use, called youtube (oddly enough). You just drop the youtube video link inbetween the tags. like so:
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There's also a youtube tag button located above the post composition area that you can use to make it a little more point-and-click friendly:
Just paste your youtube URL, highlight it, then click the youtube button to automagically insert the tags for you.
Alternately, if you're using the youtu.be short URL instead of the youtube.com one, you should use the youtu_be button instead.