You could also use parse_ini_string
$object = (object) parse_ini_string(join(PHP_EOL, $array));
As long as all your values are key=val this will work.
All rules for ini files apply, meaning it will choke on foo=bar=baz but not on foo="bar=baz" because ini files allow additional = when it's put into quotes.
If you are not on PHP 5.3 yet, you can use parse_ini_file to accept the joined array contents from a data stream wrapper. This requires allow_url_include to be enabled in your php.ini though.
$object = (object) parse_ini_file(
'data:text/plain,' . urlencode(join(PHP_EOL, $array))
);
In both cases, the output is the same.