You'll need to setup a base gemset in RVM first.
rvm gemset create gemsetnamehere
If you want to use that gemset as default, you just do like so:
rvm use 1.9.2-head@gemsetnamehere --default
The assumption in the above is that you're using ruby 1.9.2-head and want the gemset you just created gemsetnamehere as the default. Check the RVM docs here: http://rvm.io/gemsets/using
Also, if you want it just for that directory. Create a .rvmrc file in the project's root and include something like:
rvm 1.9.2-head2@gemsetnamehere
Hope this helps.