Android Studio Rendering problems

A quick note:

On Android Studio version 1.1.0 for Mac (and maybe other versions) a brand new blank application throws an error dialog in the UI editor that says:

Rendering problems. The following classes could not be found:
- android.support.v7.internal.widget.ActionBarOverlayLayout

The issue seems to be in the version of the UI editor Android Studio is using.
On a blank default application Android studio is using level 22. Change the level in the UI editor to level 21 (or another other), and the error should go away:

Eduardo