I recently upgraded to Xcode 4.5.1 to compile an app under development for the new iPad. That worked fine, but when I went back to run it on my old iPad under iOS 5.1 it wouldn’t compile. I traced this back to the “Base SDK” setting in my project. Unfortunately, for some reason it’s stuck on iOS 6.0, and iOS 5.0 SDK is not in the list:

The puzzling thing is that a the iOS 5.0 and 5.1 SDKs are available if I start a whole new project, but are just not an option in the list for this particular project. The other puzzling thing is that it also still runs on the iOS 5.0 simulator.
How to fix this without rebuilding the project from scratch?
Actually, under Xcode 4.5.x, the only allowed Base SDK is 6.0. You need to set your project’s (and target’s) Deployment Target to iOS 4.3 or later depending on what you wish to support in your app.
The Bask SDK defines what APIs you can use. The Deployment Target defines how far back you wish to support.