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
If you renamed Xcode.app since first launch, the iOS Simulator becomes unavailable. This is mentioned in the Xcode 6.1 Release Notes:
Renaming Xcode.app after running any of the Xcode tools in that bundle may cause iOS Simulator to be no longer be available. Either rename Xcode.app back to what it was when first launched or restart your Mac. (16646772)