In previous stable version 1.5.1, just renaming or removing the bundles subfolder "/java"
would be enough to force Processing to use the OS's default Java!
Now, in current v2 series, that trick still works in Linux. Maybe in MacOS too.
However for Windows, developers decided that "processing.exe" should artificially get stuck
w/ the old bundled Java!
To get around it, you have to deceive it, by using an advanced unknown technique
(at least for Windows, used extensively in UNIX OSes)
called a hard link!
In a 64-bit Windows 7 laptop, I have the latest 64-bit JDK 7 installed.
Processing's bundled Java is analogous to the following path -> "%ProgramFiles%\Java\jre7"
What I did was erasing bundled "\java" subfolder and creating a folder junction (a hard link type)
with the same name, but pointing to
"%ProgramFiles%\Java\jre7" instead!
To do that, I've installed a program called Link Shell Extension, which creates an Explorer context menu.
Scroll down to the bottom to reach the download part.