I've upgraded to android sdk tools 12. As a release note google says: The AVD manager and emulator can now use system images compiled for ARM v7 and x86 CPUs.
Has anyone tried to run a x86 image? Are there any 3.0+ images?
Thanks,
After a few months passed, the source code for the android 4.0 was released and I find that the x86 virtual machines are faster than any solution I tried which used the Android Emulator.
You can find instructions on using android x86 images here: http://www.android-x86.org/