I have a similar but slightly different issue.  wpa_supplicant associates fine, but network-manager times out waiting for dhclient to finish.  If I run dhclient manually (from /etc/network/interfaces) then everything is fine.

NetworkManager: <info>  Activation (wlan0) starting connection 'Auto HWAP0105' 
NetworkManager: <info>  (wlan0): device state change: 3 -> 4 
NetworkManager: <info>  Activation (wlan0) Stage 1 of 5 (Device Prepare) scheduled... 
NetworkManager: <info>  Activation (wlan0) Stage 1 of 5 (Device Prepare) started... 
NetworkManager: <info>  Activation (wlan0) Stage 2 of 5 (Device Configure) scheduled... 
NetworkManager: <info>  Activation (wlan0) Stage 1 of 5 (Device Prepare) complete. 
NetworkManager: <info>  (wlan0): supplicant connection state change: 7 -> 0 
NetworkManager: <info>  Activation (wlan0) Stage 2 of 5 (Device Configure) starting... 
NetworkManager: <info>  (wlan0): device state change: 4 -> 5 
NetworkManager: <info>  Activation (wlan0/wireless): connection 'Auto HWAP0105' has security, and secrets exist.  No new secrets needed. 
NetworkManager: <info>  Config: added 'ssid' value 'HWAP0105' 
NetworkManager: <info>  Config: added 'scan_ssid' value '1' 
NetworkManager: <info>  Config: added 'key_mgmt' value 'WPA-PSK' 
NetworkManager: <info>  Config: added 'psk' value '<omitted>' 
NetworkManager: <info>  Config: added 'proto' value 'WPA RSN' 
NetworkManager: <info>  Config: added 'pairwise' value 'TKIP CCMP' 
NetworkManager: <info>  Config: added 'group' value 'WEP40 WEP104 TKIP CCMP' 
NetworkManager: <info>  Activation (wlan0) Stage 2 of 5 (Device Configure) complete. 
NetworkManager: <info>  Config: set interface ap_scan to 1 
NetworkManager: <info>  (wlan0): supplicant connection state change: 0 -> 2 
NetworkManager: <info>  (wlan0): supplicant connection state change: 2 -> 3 
NetworkManager: <info>  (wlan0): supplicant connection state change: 3 -> 0 
NetworkManager: <info>  (wlan0): supplicant connection state change: 0 -> 4 
NetworkManager: <info>  (wlan0): supplicant connection state change: 4 -> 5 
NetworkManager: <info>  (wlan0): supplicant connection state change: 5 -> 6 
NetworkManager: <info>  (wlan0): supplicant connection state change: 6 -> 7 
NetworkManager: <info>  Activation (wlan0/wireless) Stage 2 of 5 (Device Configure) successful.  Connected to wireless network 'HWAP0105'. 
NetworkManager: <info>  Activation (wlan0) Stage 3 of 5 (IP Configure Start) scheduled. 
NetworkManager: <info>  Activation (wlan0) Stage 3 of 5 (IP Configure Start) started... 
NetworkManager: <info>  (wlan0): device state change: 5 -> 7 
NetworkManager: <info>  Activation (wlan0) Beginning DHCP transaction. 
NetworkManager: <info>  dhclient started with pid 3856 
NetworkManager: <info>  Activation (wlan0) Stage 3 of 5 (IP Configure Start) complete. 
NetworkManager: <info>  DHCP: device wlan0 state changed normal exit -> preinit 
dhclient: Listening on LPF/wlan0/00:19:d2:ce:c1:4f
dhclient: Sending on LPF/wlan0/00:19:d2:ce:c1:4f
dhclient: Sending on   Socket/fallback
dhclient: DHCPDISCOVER on wlan0 to 255.255.255.255 port 67 interval 8 
dhclient: DHCPDISCOVER on wlan0 to 255.255.255.255 port 67 interval 13
dhclient: DHCPDISCOVER on wlan0 to 255.255.255.255 port 67 interval 13
dhclient: DHCPDISCOVER on wlan0 to 255.255.255.255 port 67 interval 15
NetworkManager: <info>  Device 'wlan0' DHCP transaction took too long (>45s), stopping it. 
NetworkManager: <info>  wlan0: canceled DHCP transaction, dhcp client pid 3856 
NetworkManager: <info>  Activation (wlan0) Stage 4 of 5 (IP Configure Timeout) scheduled... 
NetworkManager: <info>  Activation (wlan0) Stage 4 of 5 (IP Configure Timeout) started... 
NetworkManager: <info>  (wlan0): device state change: 7 -> 9 
NetworkManager: <info>  Activation (wlan0) failed for access point (HWAP0105) 
NetworkManager: <info>  Marking connection 'Auto HWAP0105' invalid. 
NetworkManager: <info>  Activation (wlan0) failed.