I just cloned a project into Xcode and am trying to run it in the simulator. However, my only option is iOS Device. This is unique to this project only and I don’t know how to fix it. Anyone else run into this and know how to fix it?

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Under Your project Build Settings
In my case the deployment target was set to version 5.1 and i still am running snow leapord OS with appropriate JARS copied from xcode 4.3 to make it run with a device running iOS 5.1.
However, my simulators do not yet support version 5.1 so till i changed the deployment target to lower version e.g. 5.0 or 4.2 it won’t let me run on simulator.