SnapAndRun - error after updating to most recent SDK

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[BEROR]error: There is no SDK with the name or path 'iphoneos3.1.3'

... that's what I get after updating to sdk 4. I'm quite new to xcode and friends - maybe I'm missing something obvious (please forgive!) - but trying to edit the project settings to use another sdk doesn't make xcodes top left drop down display other than "base sdk missing" ?

Any idea? Thanx and greetings from Berlin Benedikt

Project > Edit Active Target > Base SDK > iOS Device / Simulator 4.1

Outstanding!!!!!! Thank you soooooo much!!!!!