HOw do I create a ringtone for iphone5 using the new itunes

This article takes you through the process

http://www.simonblog.com/2012/12/01/itunes-11-how-to-create-free-ringtone-and-te xt-tone/

your welcome

I have no "Tones" tab in my iTunes. I'm using iTunes 11.04. How can I make the Tones tab appear?

I'm in the same situation. Brand new iPhone 5, iTunes 11.04, no "Tones" tab

You will not have the "Tones" tab until you have imported a Ring Tone. It will appear after you import a .m4r file, but not sure if it goes away if you were to delete all your ringtones after that.

My only option in the menus is "Create MP3 Version" Not "Create AAC Version." Do I have to change a setting?