I went to UT for undergrad and loved Austin and UT. I wouldn't mind going back there for my MBA if I could get in and I'm sure you would love it if you went there. I know that their MBA program is top notch and is very tough to get into. The McCombs building is very nice and was easily the nicest of all the ones I went in while I was there. I had a couple of classes in there since I minored in business.
There should be at least a couple of options if you move to a major city in Texas and want to go to a school in the same city. Like the above poster said there is UT, SMU, A&M, TCU, Rice, U of H. I live in Dallas now and there are a lot of schools here with MBA programs. I'm not sure if any are good other than SMU since I haven't done much research.
You can also get your Texas MBA at Dallas if you decide to move there.http://www.mccombs.utexas.edu/dfwmba/