SQL Server 2008 has the Script Data option inside the script wizard.

You would right click on the database, select Tasks–>Generate Scripts–>Pick the DB
and then you would be presented with scripting options, one of the options would be to script data, this is located under Table/View options. See the image below of how it looks like

In SQL Server 2012, this has changed and is kind of buried. Here is how to find it now.

Right click on the database, select Tasks–>Generate Scripts–>Set Scripting Options–>Advanced. Scroll down to Types of data to script

Now you can select Schema only, Data only, Schema and Data. See image below of what the options should look like

Don’t forget to install the SSMS Toolspack, that will enable you to script just one table or just results from a query as well