Xcode 4.3 and iOS 5.1 are released and believed that many developers had upgraded to that. However, Titanium 1.8.x still not officially support Xcode 4.3 and iOS 5.1.
By the way, this is the walk around for Titanium 1.8.x to deploy apps on Xcode 4.3 and iOS 5.1, learn more at http://developer.appcelerator.com/blog/2012/03/titanium-and-xcode-4-3-revisited.html
The detailed steps that I had gone through:
1) Make sure if you have Xcode 4.3.1 installed, and then, you may execute:
sudo xcode-select -switch /Applications/Xcode.app/Contents/Developer
For me, I switched to /Developer, where my Xcode installed there.
2) Kindly download ios-sim, and copy over to the Titanium SDK path as listed in the link.
(However it is not enough to work in my machine and need following steps)
3) Open Titanium Studio, do a full clean rebuild for your apps, do not care if your iOS SDK Version just showing 5.0, but not 5.1.
4) After that, open Xcode 4.3.1.
If your apps name is MyApps, you probably see MyApps, MyApps-iPad, MyApps-iPhone, MyApps-universal in your schemes. Kindly select MyApps and choose your proper device (ipad or iPhone).
5) Modify your Project Build Settings -> Architectures, make sure Debug / Release all use Standard (armv7), and select iOS 5.1.
For Targeted Device Family, if you want to deploy your apps on iPhone, then you choose just iPhone, or iPad, or both (iPhone/iPad).
The Step 3 – 5 worked on my machine. Now I successfully deploy my existing iOS Apps on my iPhone and new iPad that running iOS 5.1.
Note: Titanium Version 2 that will released in April was announced to support iOS 5.1.