I open my project in Xcode 6.1. When I try to run the project, the button is grayed out. When I try to go to Product > Clean, the option is grayed out. When
Try This, It worked like a charm! for me,
Follow below step
1) Clean Derived Data as show below,
rm -rf ~/Library/Developer/Xcode/DerivedData/
OR
Xcode---> Preferences--->Location--->Derived Data
2) In Deployment Info change Deployment Target
It's equal to or less then the SDK version of Xcode
3) Quit Xcode
4) Reopen Xcode you will see list of simulators
Hope this answer will help for someone.