The iOS 8.1 simulator runtime is not available error in Xcode 6.1

Question

I was using Xcode 6.0.1 till now and things were fine. Then I upgraded to Xcode 6.1 and tried running my application(which has a deployment target of 7.0) in iPhone 6 simula

Answer 1

Rebooting my computer fixed this exact issue for me. Same error was thrown for both iOS7 and iOS8 simulators. I'm on OS X 10.10 and Xcode 6.1.