I installed Android Studio 0.5.1 and my project is not working any more. Error it provides is:
The project is using an unsupported version of Gradle. Pleas
I managed to resolve the same issue by downloading the desired version of gradle from the website: http://www.gradle.org/downloads
Then i extracted the zip file and copied the iib folder into the Android studio gradle lib.
So for example:
Downloads/gradle-1.10/lib/ copy to /Applications/Android Studio.app/plugins/gradle/lib/
Then reload android studio and it should work.