If you purchase the Internet Toolset for LabVIEW, it actually comes with a set of telnet VIs which you could use for your application. The VIs are as listed:
Telnet Open Conncetion
Telnet Close Conncetion
Telnet Write
Telnet Read
Telnet Listen
Telnet Play Script
Telnet Wait On Listener
I'm not sure exactly what you are wanting to do with them, but hopefully that functionality could get you started. You may want to consider purchasing this toolset.
J.R. Allen