Set EditText cursor color

Setting the android:textCursorDrawable attribute to @null should result in the use of android:textColor as the cursor color.

Attribute "textCursorDrawable" is available in API level 12 and higher

There is a new way to change cursor color in latest Appcompact v21
Just change colorAccent in style like this:

 <style name="AppTheme" parent="Theme.AppCompat.Light.DarkActionBar">
    <!-- Set theme colors from http://www.google.com/design/spec/style/color.html#color-color-palette-->

    <!-- colorPrimary is used for the default action bar background -->
    <item name="colorPrimary">#088FC9</item>

    <!-- colorPrimaryDark is used for the status bar -->
    <item name="colorPrimaryDark">#088FC9</item>

    <!-- colorAccent is used as the default value for colorControlActivated
         which is used to tint widgets -->
    <!-- THIS IS WHAT YOU'RE LOOKING FOR -->
    <item name="colorAccent">#0091BC</item> 
</style>

Then apply this style on your app theme or activities.

Update: this way only works on API 21+
Update 2: I'm not sure the minimum android version that it can work.
Tested by android version:

2.3.7 - didn't work
4.4.4 - worked
5.0 - worked
5.1 - worked

In Layout

<EditText  
    android:layout_width="fill_parent" 
    android:layout_height="wrap_content" 
    android:textCursorDrawable="@drawable/color_cursor"
    />

Then create drawalble xml: color_cursor

<?xml version="1.0" encoding="utf-8"?>
<shape xmlns:android="http://schemas.android.com/apk/res/android" >
    <size android:width="3dp" />
    <solid android:color="#FFFFFF"  />
</shape>

You have a white color cursor on EditText property.

It appears as if all the answers go around the bushes.

In your EditText, use the property:

android:textCursorDrawable="@drawable/black_cursor"

and add the drawable black_cursor.xml to your resources, as follows:

<?xml version="1.0" encoding="utf-8"?>
<shape xmlns:android="http://schemas.android.com/apk/res/android" android:shape="rectangle" >
    <size android:width="1dp" />
    <solid android:color="#000000"/>
</shape>

This is also the way to create more diverse cursors, if you need.