From http://drupalcontrib.org/api/drupal/contributions!entity!includes!entity.property.inc/function/entity_property_values_create_entity/7

new_gist_file_0

function entity_property_values_create_entity($entity_type, $values = array()) {
  if (entity_type_supports($entity_type, 'create')) {
    $info = entity_get_info($entity_type);
    // Create the initial entity by passing the values for all 'entity keys'
    // to entity_create().
    $entity_keys = array_filter($info['entity keys']);
    $creation_values = array_intersect_key($values, array_flip($entity_keys));

    // In case the bundle key does not match the property that sets it, ensure
    // the bundle key is initialized somehow, so entity_extract_ids()
    // does not bail out during wrapper creation.
    if (!empty($info['entity keys']['bundle'])) {
      $creation_values += array($info['entity keys']['bundle'] => FALSE);
    }
    $entity = entity_create($entity_type, $creation_values);

    // Now set the remaining values using the wrapper.
    $wrapper = entity_metadata_wrapper($entity_type, $entity);
    foreach ($values as $key => $value) {
      if (!in_array($key, $info['entity keys'])) {
        if (isset($wrapper->$key)) {
          $wrapper->$key->set($value);
        }
        else {
          $entity->$key = $value;
        }
      }
    }
    // @todo: Once we require Drupal 7.7 or later, verify the entity has
    // now a valid bundle and throw the EntityMalformedException if not.
    return $wrapper;
  }
  return FALSE;
}