There is a script in the root directory which builds from source and installs the gems. It's called install.rb. You can use it by running the following:
ruby install.rb 4.2.0.alpha
Note: At the time of writing this the arel gem needs to be built from source and installed separately before running the install script above. This is because the version constraints in rails are requiring a version of arel which has not yet been released onto rubygems.org.