load image dataset (folder or zip) located in Google Drive to Google Colab?

To update the answer. You can right now do it from Google Colab

# Load the Drive helper and mount
from google.colab import drive

# This will prompt for authorization.
drive.mount('/content/drive')

!ls "/content/drive/My Drive"

Google Documentation

As mentioned by @yl_low here

Step 1:

!apt-get install -y -qq software-properties-common python-software-properties module-init-tools
!add-apt-repository -y ppa:alessandro-strada/ppa 2>&1 > /dev/null
!apt-get update -qq 2>&1 > /dev/null
!apt-get -y install -qq google-drive-ocamlfuse fuse

Step 2:

from google.colab import auth
auth.authenticate_user()

Step 3:

from oauth2client.client import GoogleCredentials
creds = GoogleCredentials.get_application_default()
import getpass
!google-drive-ocamlfuse -headless -id={creds.client_id} -secret={creds.client_secret} < /dev/null 2>&1 | grep URL
vcode = getpass.getpass()
!echo {vcode} | google-drive-ocamlfuse -headless -id={creds.client_id} -secret={creds.client_secret}

Both Step 2 and 3 will require to fill in the verification code provided by the URLs

Step 4:

!mkdir -p drive
!google-drive-ocamlfuse drive

Step 5:

print('Files in Drive:')
!ls drive/