iOS: Cannot build for iOS simulator or device

I just upgraded to 3.2.0, OS-X 10.9.1 (Mavericks),Xcode 5.0.2 Launching existing or new projects to the iOS simulator I'm getting: An internal error occurred during: "Launching Titanium iOS Simulator - iOS Simulator - ProjectName". java.lang.NullPointerException Note that I can open the iPhone simulator (7.0.3) from Xcode - the problem is with the new Studio.

Studio log file:
!SESSION 2013-12-21 22:04:03.045 -----------------------------------------------
eclipse.buildId=unknown
java.version=1.6.0_65
java.vendor=Apple Inc.
BootLoader constants: OS=macosx, ARCH=x86, WS=cocoa, NL=en_US
Framework arguments: -keyring /Users/Marek/.eclipse_keyring -showlocation
Command-line arguments: -os macosx -ws cocoa -arch x86 -keyring /Users/Marek/.eclipse_keyring -consoleLog -showlocation

!ENTRY org.eclipse.core.net 1 0 2013-12-21 22:04:05.925
!MESSAGE System property http.nonProxyHosts has been set to local|.local|169.254/16|.169.254/16 by an external source. This value will be overwritten using the values from the preferences

!ENTRY org.eclipse.ui 2 0 2013-12-21 22:04:06.140
!MESSAGE Warnings while parsing the images from the 'org.eclipse.ui.commandImages' extension point.
!SUBENTRY 1 org.eclipse.ui 2 0 2013-12-21 22:04:06.140
!MESSAGE Cannot bind to an undefined command: plug-in='com.appcelerator.titanium.android.ui', id='com.appcelerator.titanium.mobile.command.run_on_device.android'
!SUBENTRY 1 org.eclipse.ui 2 0 2013-12-21 22:04:06.140
!MESSAGE Cannot bind to an undefined command: plug-in='com.appcelerator.titanium.android.ui', id='com.appcelerator.titanium.mobile.command.debug_on_device.android'

!ENTRY org.eclipse.core.jobs 4 2 2013-12-21 22:04:46.093
!MESSAGE An internal error occurred during: "Launching Titanium iOS Simulator - iOS Simulator - ttt".
!STACK 0
java.lang.NullPointerException
at com.appcelerator.titanium.ios.ui.launching.simulator.IOSSimulatorLaunchConfigurationDelegate.launch(IOSSimulatorLaunchConfigurationDelegate.java:62)
at org.eclipse.debug.internal.core.LaunchConfiguration.launch(LaunchConfiguration.java:858)
at org.eclipse.debug.internal.core.LaunchConfiguration.launch(LaunchConfiguration.java:707)
at org.eclipse.debug.internal.ui.DebugUIPlugin.buildAndLaunch(DebugUIPlugin.java:1018)
at org.eclipse.debug.internal.ui.DebugUIPlugin$8.run(DebugUIPlugin.java:1222)
at org.eclipse.core.internal.jobs.Worker.run(Worker.java:53)