Create dynamic tooltip

private static var toolTipList:ArrayCollection = new ArrayCollection();

public static function createToolTip(event:Event, toolTip:String, style:String = 'errorTipAbove'):void
{
var target:DisplayObject = event.currentTarget as DisplayObject;
var point:Point = new Point(event.currentTarget.x, event.currentTarget.y);
point = target.parent.localToGlobal(point);

if (style=="errorTipBelow")
{
point.y += (target.height+3);
}
else if (style=="errorTipRight")
{
point.x += (target.width+3);
}

var myTip:ToolTip = ToolTipManager.createToolTip(toolTip, point.x, point.y, style) as ToolTip;

myTip.percentWidth = 100;
myTip.styleName = "toolTipStyle";


if (style=="errorTipAbove")
{
myTip.y -= (myTip.height+3);
}

toolTipList.addItem({target: event.currentTarget, toolTip:myTip});
}

public static function destroyToolTip(event:Event):void
{
ToolTipManager.destroyToolTip(getToolTip(event.currentTarget as DisplayObject));
}

private static function getToolTip(object:DisplayObject):ToolTip
{
for (var i:Number=0; i {
if (toolTipList[i].target == object)
{
var tipUI:ToolTip = toolTipList[i].toolTip;
toolTipList.removeItemAt(i);
return tipUI;
}
}
return null;
}
Create singletone class of tooltip
In mxml control
On MouseOverEvent just pass event and tooltip and on MouseOutEvent call destroyToolTip event