I know it seems like it may hurt your friendship but once it is out there things will be fine. Starting that conversation is scary, just be quick and be honest and don't apologize for your feelings.
A friend of mine has a daughter the same age as my oldest. The girls have been friends for 3 yeasr as have my friend and I. Well, our girls really have kind of a love hate thing going. And for many reasons her daughter is very sensitive. Well, last week my friend called me up crying and told me that although she likes me and still wants to be my friend she doesn't want our daughters to hang out anymore. Now, my daughter hasn't done anything bad or wrong it is just the personalities of these girls. My feelings were hurt at first, but I completely understood. I know that call was very hard for my friend to make. We've since gone out to lunch and had a great time.
I know it is scary and you wonder if it is just hormones. But it's not and I honestly believe this will only strengthen your friendship.