Although the idea that IQ only enables creativity "up to IQ 120" (repeated in pop-psych books such as those of Gladwell etc.), large scale studies of giftedness clearly show the correlation of IQ and creativity continues even into the very highest extremes of ability. IQ is linearly related to creative achievement across the range (Wai et al., 2005).
A reanalysis of the Wallach and Kogan (1965) paper that promoted the initial idea of a 120IQ "threshold" indicated that the original data do not sustain the idea of a critical level (Silvia, 2008).
The suggestion above by @BenBrocka that creativity and IQ are not linked only weakly is not supported by the weight of evidence. Nusbaum & Silvia (2011), for instance show that IQ accounts for around 40% of creativity.
Nusbaum, E. C., & Silvia, P. J. (2011). Are intelligence and creativity really so different?: Fluid intelligence, executive processes, and strategy use in divergent thinking. Intelligence, 39(1), 36-45. pdf
Silvia, Paul J. (2008) Creativity and intelligence revisited: A latent variable analysis of Wallach and Kogan (1965). Creativity Research Journal 20. 34-39. pdf.
Wai, J., Lubinski, D., & Benbow, C. P. (2005). Creativity and occupational accomplishments among intellectually precocious youths: an age 13 to age 33 longitudinal study. Journal of Educational Psychology, 97, 484. pdf