I have exactly the same problem as you and asked the same question some months ago to hibernate-developes.
The main responable for hiberante-tools seems to be Max Rydahl Andersen and what he anwered to me, in substance is:
they have problems to keep a stable API/access for hibernate tools users in prospective that also hibernate 4.1 (5.0) will cause incompatibility again.
Furthermore he wrote to me:
JBoss Tools M5 have an experimental version of the eclipse plugins that works against both 3.6 and 4.0.
But I don't know if JBoss Tools does include also the ant-task to create and export the database.
About time line, he telled me nothing (although I had asked 2 times)!
So I fear that until hibernate 4.1 (5.0) will be released, there will no be any working version with Hibernate-Tools.