  As part of a long term effort to understand pre-main sequence Li burning, we
have obtained high resolution spectroscopic observations of 14 late type stars
(G0--M1) in the young open cluster IC~4665. Most of the stars have \ha
filled-in and \li absorption, as expected for their young age. From the
equivalent widths of \ha emission excess (obtained using the spectral
subtraction technique) and the \lii feature, we have derived \ha emission
fluxes and photospheric Li abundances. The mean Li abundance of IC~4665
solar-type stars is log N(Li)=3.1; the same as in other young clusters
($\alpha$~Per, Pleiades) and T Tauri stars. Our results support the conclusions
from previous works that PMS Li depletion is very small for masses $\sim$ 1
\msun . Among the IC 4665 late-G and early K-type stars, there is a spread in
Li abundances of about one order of magnitude. The Li-poor IC~4665 members have
low \ha excess and vsin{\it i}$\le$10. Hence, the Li-activity-rotation
connection which has been clearly established in the Pleiades also seems to
hold in IC 4665. One M-type IC~4665 star that we have observed does not show
Li, implying a very efficient Li depletion as observed in $\alpha$~Per stars of
the same spectral type.
  The level of chromospheric activity and Li depletion among the low mass stars
of IC 4665 is similar to that in the Pleiades. In fact, we note that the Li
abundance distributions in several young clusters
  ($\alpha$~Per, Pleiades, IC~2391, IC~4665) and in post T Tauri stars are
strikingly similar. This result suggests that \ha emission and Li abundance not
well correlated with age for low mass stars between 20 and 100 Myr old. We
argue that a finer age indicator, the ``LL-clock", would be the luminosity at
