It may be that what he really wanted to say is that he has lost interest in you or that he has found someone that he finds more interesting.  In this case he only used the “Let’s be friends” line to make the break up easier on you and himself. He really has no desire to keep any kind of relationship going with you even a friendship.

Sometimes, however, what he means is that he is confused about how he feels about you and he needs some time and space to try to figure it out.  He may simply need to take a breather from the relationship in order to be able to see its value.  Often in these situations, when you are not around as much, he will realize just how much he does want you in his life and come back.

It is also possible that the thought of “being in love” is terrifying to him. Maybe he was in a bad relationship before and is afraid of getting hurt again. Learning to trust ones own feelings can take a while.  Over time he may learn to believe in your feelings for him and his feelings for you and you two may get a chance to try again. Read more here: http://www.themagicofmakingup.com/makingup