In fact, this plugin is not yet compatible with Hibernate 4 .... But since the last push was similar centuries ago, it does not look like you will soon get a new version to work with it :)
However, you can still use this version of Grails and the db-reverse-engineer: 0.5 plugin by switching your version of Hibernate to 3. And it's pretty easy to do!
In BuildConfig.groovy, comment out the runtime line ": hibernate4: 4.XXX"
And add instead: runtime ": hibernate: 3.6.10.17"
(And by the way, do not forget to add the correct connector to your database, I use this dependency: compile 'mysql: mysql-connector-java: 5.1.22')
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