Xcode error: failed to attach to process ID xxx
I'm working on an Xcode project running on Xcode 4.4.1 and Mountain Lion OSX 10.8.1, trying to get it to run on iPhone Simulator 5.1. Initially everything worked fine (I could build and run it on the simulator), but somehow, something went wrong and now everytime I try to run the project, I get, "error: failed to attach to process ID xxx", where xxx is the current process ID (and hence varies at each run). I've tried the following:
1. Uninstalling Xcode and reinstalling a fresh (and latest) copy.
2. Reformatting my MacBook and reinstalling the updated Mountain Lion.
3. Clicking on Product -> Clean in Xcode.
4. Deleting derived data in the Organizer pane, under the Projects tab.
5. Resetting content in the iPhone Simulator.
6. Deleting everything under ~/Library/Application Support/iPhone Simulator.
7. Restarting my MacBook several times.
8. Creating a whole new project without adding any components.
NONE of these worked for me. I'm still unable to run my project on the simulator and I've already wasted many many hours trying to fix it. Is this a bug in the latest updates? I've seen similar problems on stackoverflow, seems like no one has found a solution yet.
This is my last bid for an answer. I'm at my wits' end.
MacBook (13-inch Late 2009), OS X Mountain Lion (10.8.1), iPhone Simulator 5.1, Xcode 4.4.1