I\'m having some issues with the iPhone simulators after upgrading to Lion and XCode 4.1. When I launch the simulator for 4.0, 4.1 or 4.2 (which I restored from Time Machine
Firstly you can reset your simulator & quit your Xcode. After that you can delete the Application Folder in iPhone Simulator & also delete all derived data from /Library/Developer/Xcode/DerivedData. Then open your project & check whether any framework is missing or not according to your app functionality.