I use FilmConvert and as noted above you can get in the ballpark by selecting a generic profile in ACR and selecting a "flat" profile in FilmConvert, such as VisionTech, Prolost, or Marvels. But this is just an approximation. Further, I don't know how reliable this will be moving forward. "Embedded" as your only choice means that the name of your camera isn't correctly listed in the .dng image metadata. You can use exiftool to list the metadata in one of your .dng images to see this. Here's what I get on a .dng where the camera name is not correctly indicated:
Make : Canon
Camera Model Name : Canikon
Orientation : Horizontal (normal)
Software : Magic Lantern
Later versions of raw2dng compiled specifically for the 5d2 list the correct camera name, like this:
Make : Canon
Camera Model Name : Canon EOS 5D Mark II
Orientation : Horizontal (normal)
Software : Magic Lantern
As I understand it, ML raw does not currently embed the correct camera name at the time of recording, it is inserted afterward by raw2dng. Someone can correct me on this.
Anyway, I don't know if there really is a profile embedded in the original dng image, or if this is simply a placeholder within ACR for some kind of default that it uses when it doesn't know how else to interpret your images. A better route is to use a version of raw2dng which correctly identifies the camera model, so that ACR will supply a list of Canon-specific profiles, like Standard, Neutral, and so forth. Bonus, this also means that you can use custom picture profiles such as those from VisionColor, directly within ACR. I am beta testing VisionColor's Cinelook profile for ACR on ML raw footage, and it works well.
Currently, it would be great if FilmConvert could model one of the Canon-standard profiles within ACR, like Neutral, and use that as their starting point. This should be reliably stable within ACR moving forward.
In the long run, it would be great to drop ML raw footage directly into Resolve or a timeline with no conversion, and have FilmConvert operate in its usual calibrated fashion on the raw files themselves. It looks like Ginger HDR has direct-to-timeline working already in Premiere, so we're just about there.