Raspberry Pi toolchain for Mac OS X (GCC 4.7.3)
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It's impossible to build relocatable toolchain using crosstool-ng on Mac OS X due to lack of "-static" option which ct-ng heavily relies on.

Instead, I've updated Homebrew's crosstool-ng. Please install it and follow the caveats. Then creating toolchain should be as simple as:

ct-ng armv6-rpi-linux-gnueabi
ct-ng build