Traceback error in ios

HI Iam using IOS 3.1.1GA, while iam simulating iam getting error.

[ERROR] 
[ERROR] Error: Traceback (most recent call last):
  File "/Library/Application Support/Titanium/mobilesdk/osx/3.1.1.GA/iphone/builder.py", line 1379, in main
    execute_xcode("iphonesimulator%s" % link_version,["GCC_PREPROCESSOR_DEFINITIONS=__LOG__ID__=%s DEPLOYTYPE=development TI_DEVELOPMENT=1 DEBUG=1 TI_VERSION=%s %s %s" % (log_id,sdk_version,debugstr,kroll_coverage)],False)
  File "/Library/Application Support/Titanium/mobilesdk/osx/3.1.1.GA/iphone/builder.py", line 1286, in execute_xcode
    output = run.run(args,False,False,o)
  File "/Library/Application Support/Titanium/mobilesdk/osx/3.1.1.GA/iphone/run.py", line 41, in run
    sys.exit(rc)
SystemExit: 65