I'll be a little unconventional:
AL MVP: Manny Ramirez
Delgado is on pace for .324-52-182 with 145 runs. Good as he is, it's unrealistic to think he will continue on this pace. His 162 game average is .283-38-120 with 102 runs. And career highs in each category would be .344-44-137 with 115 runs. Also worth nothing that he has only batted over .300 one other year his whole career. As is with the entire Blue Jays offense, he's playing over his head right now. Even if he does keep it up, he will fight the same battle A-Rod did last season. If the MVP goes to a player on a winning team, I'd hardly consider a third place team in the division to be an accomplishment. If somehow the Jays topple the Sox and Yanks (unlikely), then he could have a serious shot.
Back to Manny. He started off slow, but has picked it up in a hurry. Since May 31st:
.463-7-17 with 17 runs and 1.605OPS in 11 games. He's in a stacked lineup which BADLY wants to make the playoffs. Has batted .333 or higher in 3 of the last 4 seasons and is due some hardware. Will be a serious contender if he stays healthy.
NL MVP: Pujols. Sheff is playing great, but he's a bit over his head right now as well. Plus he might have to deal with the same thing Soriano did last season. His whole offense is stacked to hell and back. If you take him out of the lineup, how much would it affect them? If you take Pujols out of the Stl lineup it would not be fearsome at all. Atl on the other hand still have Furcal, Giles, Lopez, and the Jones'. And yes Pujols is also playing over his head with the BA, but he's a guy that can bat .340 for his career. Pujols is 2nd in runs, first in hits, first in doubles, eight in homers (one less than Sheff), tied for 4th in RBI (with Sheff), leads the ML in BA, 3rd in OBP (Sheff 5th), leads the ML in SLG, and 2nd in the ML in OPS. As it stands, no contest here.
Cy Young I won't even try and guess because pitchers are less predictable and the voters play favorites.