Android Emulator 5.1.1 not loading on Mac OS X Android Studio

I just created a new Android Emulator by cloning Nexus 6 in IntelliJ Android Studio (snapshot mode option selected) but I see that it been almost an hour and nothing comes up on the Screen! Below is the configuration settings for my emulator,

Name: 5_1_1
CPU/ABI: Intel Atom (x86_64)
Path: /Users/myuser/.android/avd/5_1_1.avd
Target: Android 5.1.1 (API level 22)
Skin: nexus_5
SD Card: 100M
Snapshot: yes
hw.lcd.density: 480
hw.dPad: no
avd.ini.encoding: UTF-8 none
disk.dataPartition.size: 200M
hw.gpu.enabled: no none
skin.dynamic: yes
hw.keyboard: yes full
hw.device.hash2: MD5:2fa0e16c8cceb7d385183284107c0c88
hw.ramSize: 2048 default
tag.display: Default
hw.sdCard: yes
hw.device.manufacturer: Google
hw.mainKeys: no
hw.accelerometer: yes
hw.trackBall: no Nexus 5
hw.sensors.proximity: yes
hw.battery: yes
AvdId: 5_1_1
hw.sensors.orientation: yes
hw.audioInput: yes none
hw.gps: yes
avd.ini.displayname: 5.1.1
snapshot.present: yes
vm.heapSize: 128
runtime.scalefactor: auto

Just tried to look into the logs under Tools -> Android -> Android Device Monitor i could make out that there is something wrong and the are throwing a same set of error in a loop, here is a log trace,

I/Netd(3803): Netd 1.0 starting
E/Netd(3803): Failed to open /proc/sys/net/ipv6/conf/default/optimistic_dad: No such file or directory
E/Netd(3803): Failed to open /proc/sys/net/ipv6/conf/eth0/optimistic_dad: No such file or directory
E/Netd(3803): Failed to open /proc/sys/net/ipv6/conf/lo/optimistic_dad: No such file or directory
E/Netd(3803): Failed to open /proc/sys/net/ipv6/conf/sit0/optimistic_dad: No such file or directory
E/Netd(3803): Failed to open /proc/sys/net/ipv6/conf/default/use_optimistic: No such file or directory
E/Netd(3803): Failed to open /proc/sys/net/ipv6/conf/eth0/use_optimistic: No such file or directory
E/Netd(3803): Failed to open /proc/sys/net/ipv6/conf/lo/use_optimistic: No such file or directory
E/Netd(3803): Failed to open /proc/sys/net/ipv6/conf/sit0/use_optimistic: No such file or directory
I/SurfaceFlinger(3804): SurfaceFlinger is starting
I/SurfaceFlinger(3804): SurfaceFlinger's main thread ready to run. Initializing graphics H/W...
D/libEGL(3804): Emulator without GPU support detected. Fallback to software renderer.
D/libEGL(3804): loaded /system/lib64/egl/
D/gralloc_goldfish(3804): Emulator without GPU emulation detected.
E/SurfaceFlinger(3804): hwcomposer module not found
E/SurfaceFlinger(3804): ERROR: failed to open framebuffer (No such file or directory), aborting
A/libc(3804): Fatal signal 6 (SIGABRT), code -6 in tid 3804 (surfaceflinger)
I/DEBUG(950): *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** ***
I/DEBUG(950): Build fingerprint: 'generic_x86_64/sdk_phone_x86_64/generic_x86_64:5.1/LKY45/1737576:eng/test-keys'
I/DEBUG(950): Revision: '0'
I/DEBUG(950): ABI: 'x86_64'
I/DEBUG(950): pid: 3804, tid: 3804, name: surfaceflinger >>> /system/bin/surfaceflinger <<<
I/DEBUG(950): signal 6 (SIGABRT), code -6 (SI_TKILL), fault addr --------
I/DEBUG(950): rax 0000000000000000 rbx 0000000000000edc rcx ffffffffffffffff rdx 0000000000000006
I/DEBUG(950): rsi 0000000000000edc rdi 0000000000000edc
I/DEBUG(950): r8 0000000000000000 r9 0000000000000010 r10 0000000000000008 r11 0000000000000206
I/DEBUG(950): r12 0000000000000002 r13 0000000000000006 r14 00007f7510c6a258 r15 00007f7510c6a0b0
I/DEBUG(950): cs 0000000000000033 ss 000000000000002b
I/DEBUG(950): rip 00007f751191e877 rbp 00007f7511a17f50 rsp 00007ffff2cb5828 eflags 0000000000000206
I/DEBUG(950): backtrace:
I/DEBUG(950): #00 pc 0000000000077877 /system/lib64/ (tgkill+7)
I/DEBUG(950): #01 pc 0000000000028b0f /system/lib64/ (pthread_kill+143)
I/DEBUG(950): #02 pc 0000000000029de1 /system/lib64/ (raise+17)
I/DEBUG(950): #03 pc 000000000002356d /system/lib64/ (abort+61)
I/DEBUG(950): #04 pc 000000000003972b /system/lib64/
I/DEBUG(950): #05 pc 000000000002a3ca /system/lib64/ (android::SurfaceFlinger::init()+154)
I/DEBUG(950): #06 pc 0000000000000ef2 /system/bin/surfaceflinger
I/DEBUG(950): #07 pc 0000000000019eb3 /system/lib64/ (__libc_init+83)
I/DEBUG(950): #08 pc 0000000000001055 /system/bin/surfaceflinger
I/DEBUG(950): #09 pc 0000000000000000
I/DEBUG(950): Tombstone written to: /data/tombstones/tombstone_02
P.S: When I try to run the emulator with GPU it works. Please leave a comment if you know the issue is about. Will update this post once I find a solution to the problem.
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