It is actually very easy to make uTorrent portable. All that is needed is a installation of uTorrent on the computer system. Now create a new file in the directory of the utorrent.exe and name it settings.dat. uTorrent will recognize the file and start using it instead of the settings file located in the application data folders.

Please be aware that old settings are not carried over and that it is needed to configure the client again. All torrents will be missing at the first start as well. You can easily add them again by selecting the correct locations for new and finished downloads in the client. The software will then automatically recognize the new torrents upon restart, perform checks and start downloading them again.

Running a portable version of uTorrent does make it easier to backup the Bittorrent client as well. All that is needed is to backup the files in this one directory (and in the unfinished downloads directory if those should be backed up as well).