function auto_link_text($text) {
    $pattern  = '#\b(([\w-]+://?|www[.])[^\s()<>]+(?:\([\w\d]+\)|([^[:punct:]\s]|/)))#';
    return preg_replace_callback($pattern, 'auto_link_text_callback', $text);
}

function auto_link_text_callback($matches) {
    $max_url_length = 50;
    $max_depth_if_over_length = 2;
    $ellipsis = '…';

    $url_full = $matches[0];
    $url_short = '';

    if (strlen($url_full) > $max_url_length) {
        $parts = parse_url($url_full);
        $url_short = $parts['scheme'] . '://' . preg_replace('/^www\./', '', $parts['host']) . '/';

        $path_components = explode('/', trim($parts['path'], '/'));
        foreach ($path_components as $dir) {
            $url_string_components[] = $dir . '/';
        }

        if (!empty($parts['query'])) {
            $url_string_components[] = '?' . $parts['query'];
        }

        if (!empty($parts['fragment'])) {
            $url_string_components[] = '#' . $parts['fragment'];
        }

        for ($k = 0; $k < count($url_string_components); $k++) {
            $curr_component = $url_string_components[$k];
            if ($k >= $max_depth_if_over_length || strlen($url_short) + strlen($curr_component) > $max_url_length) {
                if ($k == 0 && strlen($url_short) < $max_url_length) {
                    // Always show a portion of first directory
                    $url_short .= substr($curr_component, 0, $max_url_length - strlen($url_short));
                }
                $url_short .= $ellipsis;
                break;
            }
            $url_short .= $curr_component;
        }

    } else {
        $url_short = $url_full;
    }

    return "<a rel=\"nofollow\" href=\"$url_full\">$url_short</a>";
}

echo auto_link_text("Сайт почты http://mail.ru
Поисковик http://ya.ru ");