It's based on DooMLoRD's Github sources, original thread with more information about the Kernel is here: http://forum.xda-developers.com/show....php?t=1172885 - all thanks should go to him, I've edited very little, simply changed some of the config to suit the Ray and tested it.
* Overclockable to 2GHz (set at 1GHz to start - made sure of it this time!)
* Enabled most of the schedulers so you can choose your favourite (brazillianwax, smoothass, SavagedZen, interactiveX, lagfree, minmax, Scary, smartass, interactive, conservative, ondemand, userspace, powersave, smartassV2, performance).
Had a look at the issues with the 'Flash' on the camera not working - this is now fixed.
Updated Kernel can be found here for Stock Roms:
[Edit] Kernel for MIUI booted, but became unresponsive after it's been on a while. Taken the link down until I can find a day or two where I'm not using my phone so I can flash MIUI myself and look into it.