I was just updated my last Android Studio and got this error:
failed to create jvm error code -4 JVM Path: C:\\Program Files\\Java\\jdk1.7.0_45\\jre
If you have recently modified Custom VM Options using Help menu, then you should undo your changes or if you have created a new VM options file, remove it. The file can be found on this path:
C:\Users\.AndroidStudio2.1