`bundle exec rake db:migrate > up.sql; migration_sql.rb < up.sql`

migration_sql.rb

#!/usr/bin/env ruby

inside_migration = false
previous_line = ""

ARGF.each_line do |line|
  # Remove ANSI colours to make shit easier to reason with
  line.gsub!(/\e\[(\d+)(;\d+)*m/, "")

  if line =~ /Migrating to/
    inside_migration = true
    next
  end

  if query = line[%r@(?:^|-- :(?:\s+SQL)?)\s*\([\d.]+ms\)\s*(.*?)(?: /\*.+\*/)?$@, 1]
    puts query << ";" unless %w(BEGIN COMMIT).include?(query)
  end

  if inside_migration && line =~ /(?:INSERT INTO|DELETE FROM) `schema_migrations`/
    inside_migration = false
  end

  if previous_line =~ /COMMIT|DELETE FROM `schema_migrations`/ && line =~ /ActiveRecord::SchemaMigration Load/
    # We're just dumping the schema now, so don't bother parsing anything
    break
  end

  previous_line = line
end