Android 4.0.1 was announced for x86 by the Android x86 community in source and ISO form. It was announced in this mailing list message.
Android 4.0.1 for x86 can handle WiFi, multi-touch, and OpenGL ES hardware acceleration for Radeon hardware. The OpenGL ES graphics support comes thanks to Mesa/Gallium3D advancements for Google's Android.
Missing functionality includes sound, camera, Ethernet, and Intel hardware acceleration support.
The ISO that's spun right now for Android 4.0 x86 is targeted at the AMD Brazos platform.