I have a serious problem with the latest iOS Simulator.
I am using macbook pro, Mountain Lion OS, and xCode 4.4.1. which is the latest OS and the latest xCode.
I just ran into simulator "does not work" problem. It was working on my previous application.
I can compile target 5.0 and run on iPhone 6.1 simulator.
But for some reason this new application does not show up on simulator at all. So install 5.0 simulator and now it is working on simulator 5.0.