The measurement of the frequency of the fundamental mode of shape oscillation of acoustically levitated drops has been carried out to determine the surface tension of the drop material. Sound fields of about 20 kHz in frequency allow the suspension of drops a few millimeters in size, as well as the necessary drive for oscillations. The surface tension of water, hexadecane, silicone oil, and aqueous solutions of glycerin levitated in air has been measured, and the results have been compared with those obtained with standard ring tensiometry. The two sets of data are in good agreement, the largest discrepancy being about 10 percent. Uncertainties in the effects of the nonspherical static shape of drops levitated in the earth's gravitational field and the rotation state of the sample are the major contributors to the experimental error. A decrease of the resonance frequency of the fundamental mode indicates a soft nonlinearity as the oscillation amplitude increases.