See below !!!
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Apple® iTunes® can also be used to convert an MP3 to M4R but the process is a little involved and the directions might be slightly different depending on the version. In general, the imported MP3 must be first converted to the AAC format (which is essentially the same as M4P), then manually renamed from an MP4 to an M4R file.
To use iTunes® to convert an MP3 files to M4R, add the MP3 file to your iTunes® Library. Right-click on the file once more, and choose "Create ACC version" from the popup menu. (This will only appear if you select under iTunes Preferences > General > Import Settings > Import Using AAC Encoder
Now navigate to the folder where iTunes® has saved this file (or Right Click and Show in Finder ). It should have created 3-4 different versions there.. Mp3, m4a and M4r. Select the M4r version and drag over to TONES in iTunes...now sync your phone with iTunes
Now navigate to the folder where iTunes® has saved this file (or Right Click and Show in Finder ). Use the computer’s Search feature to find the file name, or look in the default Music folder, then inside the iTunes® folder. Scroll down until you find the saved file, which will be an M4A file.
Drag the file to the Desktop (a copy will be generated), then go into iTunes® and delete the original file. The Desktop copy will remain.
Return to the Desktop and rename the ringtone file with an M4R extension. If you cannot see file extensions, go to Folder Options (via Control Panel) and under the View tab, uncheck "Hide extensions for known file types" and try again. Once the file has been successfully renamed, click on it and iTunes® will import it into the Ringtones folder. Synch your iPhone® to upload the ringer.