Create user permission with specific role?
Use the role delegation module


  This module allows site administrators to grant some roles the
  authority to assign selected roles to users, without them needing the
  administer permissions permission.
  
  For each role, Role Delegation provides a new assign ROLE role
  permission to allow the assignment of that role.


UPDATE:

Simply create two roles Manager and Editor role. When you create this roles, two permissions will appear on the permissions page. Assign Manager role and Editor role. Give the manager the two roles to assign. And also give the user permission to create new users. 

And if you login as that user, that user will only be able to create the roles you have assigned to them.  

UPDATE 2:

Use the module administer user by role. To stop the manager role from canceling or editing the adminstrator role or any other role you don't want them touching


  This module allows site builders to set up fine-grained permissions
  for allowing users to edit and delete other users — more specific than
  Drupal Core's all-or-nothing 'administer users' permission. It also
  provides and enforces a 'create users' permission.