I confirm that the ADT bundle does not work with the Oracle Java 7 SE JDK, failing with an NPE in the Android Application Project wizard.
Here's a workaround that lets you keep Java 7 as the default but run ADT with Java 6 when you have both installed. Bring up $ADT_DIR/eclipse/Eclipse.app/Contents/MacOS/eclipse.ini in an editor. Before the -vmargs line, insert these two lines:
-vm
/System/Library/Frameworks/JavaVM.framework/Versions/1.6/Commands/java