I found that it works better if set to channel 1. You need to

/etc/dbus-1/event.d/26NetworkManagerDispatcher stop
/etc/dbus-1/event.d/25NetworkManager stop
iwconfig eth1 mode ad-hoc channel 1 key s:joiku essid JoikuSpot_001133224455

Change the key from joiku to whatever you set up. If it does not work, run ifconfig eth1 up

When you want to use a normal hotspot:

iwconfig eth1 mode managed
/etc/dbus-1/event.d/25NetworkManager start
/etc/dbus-1/event.d/26NetworkManagerDispatcher start

And you are done. Don't try GUIs, they tend not to work too well for this. I tested this with Hardy Intel 3945 iwl drivers.