Hi kpaskal;
I do not know of anyway to stop an Xtrabackup restore at an earlier point in time (that would present consistency issues, since the backup is supposed to be a consistent point in time copy). The usual process is to restore your backups to as recent as possible, and then use the binary logs to roll it forward the last bit. If the gap between your backups and the point you are trying to restore to is too large, you could always increase the frequency of your incremental backups, but that of course has storage and performance implications.
Depending on what you are trying to do, another options is to set up the restored copy as a slave of the master that the backup is from, and use START SLAVE UNTIL to roll the backup forward to the point in time you want using replication (which uses binary logs, but it does all the hard work for you). This functionality can be very useful if you are attempting to skip an event, as you can START SLAVE UNTIL just before the event, and then do a CHANGE MASTER to jump forward to after the event, and then START SLAVE [UNTIL] to either go forward indefinitely or stop at another future point.
https://dev.mysql.com/doc/refman/5.5/en/start-slave.html
-Scott
