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Since I've been using Xamarin for mobile development, I've been using the awesome Xamarin Studio Launcher from @redth. By default, only one instance of Xamarin Studio can be started on a Mac. However, by using the Xamarin Studio Launcher, you'll be able to open up multiple instances of Xamarin Studio with the click of a button.
Xamarin Studio got a total new redesign since the release of Xamarin 3. This included a new application icon for Xamarin Studio, while Xamarin Studio Launcher hasn't got an update with the new icon yet. I went ahead and created it, so it fits in your dock nicely!
Now your Xamarin Studio Launcher will be fully up to date with the latest icon pack that came together with the latest Xamarin Studio Release.
Of course, all credits go to @redth for the original idea. I just applied a new icon for the Xamarin Studio 5 release. I hope you like it and put it to good use!