Do you meant generating MySQL 5.x SQL code from your diagram? If yes, of course, Modelright 2 does the job...
You can use MR2 to create a diagarm, and then generate the SQL and then even execute that SQL in your database. Also, it can reverse engineer an existing database into a new model, if you need.
Just to make sure... you need to use the latest MR 2 version (currently in beta). Also, if you use Vista as you operating system, then you need to use the latest build - 2014. Earlier releases had an issue with running on Vista.
Contact the support, if you have issues (or need to figure out how to use it), and they will help you out.
Good luck.