Steps To Reproduce:
1. Create a default Titanium project.
2. Go to its Run Configurations and observe Options appearing in drop-down "Simulator version" and "iOS SDK" [Observe only 6.0 appears in both dropdown]
3. Open Xcode 4.5.1, and using preferences>download; Download iOS simulator 5.0 and 5.1
4. Now observe run configurations of the default app created. Observe iOS simulator version has 5.0 and 5.1 as options but iOS SDK contains on 6.0 as option.
In Run config, "simulator version" has 5.0 and 5.1 as options but iOS SDK contains on 6.0 as option.
iOS SDK 5.0 and 5.1 should also appear in iOS SDK dropdown.