Apple has released its new tool named Lion Recovery Disk Assistant which offers restore options for OS X Lion and uses an external drive, preferably a 1 GB USB thumb drive.
From Apple’s website:
In order to create an external Lion Recovery using the Lion Recovery Assistant, the Mac must have an existing Recovery HD.
To create an external Lion Recovery, download the Lion Recovery Disk Assistant application. Insert an external drive, launch the Lion Recovery Disk Assistant, select the drive where you would like toinstall, and follow the on screen instructions.
When the Lion Recovery Disk Assistant completes, the new partition will not be visible in the Finder orDisk Utility. To access Lion Recovery, reboot the computer while holding the Option key. Select Recovery HD from the Startup Manager.
You can download it from Apple’s website.
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