On Monday, August 8th, Apple released Lion Recovery Disk Assistant, that lets you create Lion Recovery on an external drive that has all of the same capabilities as the built-in Lion Recovery: reinstall Lion, repair the disk using Disk Utility, restore from a Time Machine backup, or browse the web with Safari.
Because Lion is currently available only as a download from the Mac App Store, there’s no DVD from which to boot if you encounter problems with your startup disk and need to repair, reinstall or even erase it.
All you 1 GB Drive and Lion Installed. Note: 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 to install, and follow the on screen instructions.
When the Lion Recovery Disk Assistant completes, the new partition will not be visible in the Finder or Disk Utility. To access Lion Recovery, reboot the computer while holding the Option key. Select Recovery HD from the Startup Manager.
Apple has also posted a support document called “About Lion Recovery Disk Assistant” on its website with more details.