I have installed latest Xcode 7 beta 2 version, when I am trying to run the application in iOS 7.1 Simulator its giving this error message:
The iOS 7.1 simulator runtime is not available.
Unable to open liblaunch_sim.dylib. Try reinstalling Xcode or the simulator runtime.
Could you please let me know how to resolve this error?
You can't (At least in an Official way).
Taken from Xcode Beta 2 Documentation (Page 7).
Hope it helps.
EDIT SEPT - 2015:
Thanks Cœur for the info, now you can use previous versions of ios simulator.