Fuji has some very small road bikes, including a 650 wheeled one and a 24 inch wheeled bike: http://2010.fujibikes.com/Kids/Road.aspx

The 650 may be too big but the 24" may be in the ballpark. But as is typical of kids bikes and the price point the components aren't the best. I am 4'11" and am sympathetic. I have a 43cm Trek Madone and it is barely small enough for me.

The Felt 24 is nice but it is hard to justify the price with a growing kid.