As mentioned in the Xcode 6.1 Release Notes , the problem is that you are communicating with new frameworks that have been added to both Yosemite and iOS 8 while running iOS 7.1. Unfortunately, this causes dyld to try to launch the library host version when launched in the iOS 7.1 runtime.
If an application is loosely coupled to frameworks new in the iOS 8 SDK and OS X 10.10 SDK, it may not work if the launch destination is iOS Simulator for older versions of the iOS environment and OS X Yosemite is running on the host system. (17807439)
In addition, this can happen if your iOS 7.1 simulator runtime is not fully installed (for example, due to an interruption in the installation). If this happens, dyld will also return to the host for the missing libraries, if available.
iOS 8.0 and later have their own dyld, which will refuse to host libraries in the host versions and thus prevent this class of problems in the future.
The current version of iOS 7.1, installed by Xcode 6.2 and later, has been updated to solve this problem.
Jeremy huddleston sequoia
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