Stop “developer tools access needs to take control of another process for debugging to continue” alert

Question

I recently upgraded to 10.7.3, and when I try to debug my iOS project in the simulator for the first time after logging in, I\'m prompted with the following two alerts:

Answer 1

Reinstalling Xcode 4.2.1 after upgrading to 10.7.3 seems to have fixed it for me.