I\'m running the very latest version of xcode (4.2.1). And I\'m signed up to the ios developer program.
When I create a new iOS Application for iPhone or iPad, using
did you installed TotalFinder?
I had the same problem caused by TotalFinder's Asepsis feature.
Asepsis current Version (1.1) Conflicts with Xcode 4.2 and Glims (see image).

The Website lists this known issue:
Xcode 4.2, iOS 5.0 Simulator
Some developers reported that Asepsis breaks iOS 5.0 Simulator and causes Xcode 4.2 fail in loading XIB files
to uninstall just run this command from Terminal:
sudo open /System/Library/Extensions/Asepsis.kext/Contents/Resources/Asepsis\ Uninstaller.app