I'm running in the beta channel for Xamarin Studio on OS X and am running into an issue with where Xamarin Studio is pulling the Android SDK from. I have gone into Xamarin Studio's preferences and set the director for the Android SDK under the SDK Locations area. It's set there to /Users/chrisner/code/android-sdk-macosx.
I've confirmed that this is working correctly by going to Tools --> Open Android SDK Manager and ensuring that matches the version installed at the above location.
When I compile an application I have (solution contains an Android, iOS, and Mac project with an accompanying library project for each), I receive this error:
/Library/Frameworks/Mono.framework/External/xbuild/Xamarin/Android/Xamarin.Android.Common.targets: Error: Could not find android.jar for API Level 16. This means the Android SDK platform for API Level 16 is not installed. Either install it in the Android SDK Manager, or change your Mono for Android project to target an API version that is installed. (/Users/chrisner/Library/Developer/Xamarin/android-sdk-mac_x86/platforms/android-16/android.jar missing.) (ScrollerDemoAndroid)