Xcode 4.2 Beta: Can I build for iOS 4.x?

In my iOS project using Xcode 4.2, al开发者_运维问答l targets are showing Latest iOS (iOS 5.0) in the build settings, and I have no other available options. Can I deploy to a device running iOS 4.x using Xcode 4.2 Beta, and if so how?

Note: I'm only interested in ARC at this time, otherwise I'd be using 4.02 (Snow Leopard).

Are you looking at the "Base SDK" setting or the "iOS Deployment Target". You want to build against the "Latest" SDK, but set the deployment target to the minimum supported iOS version.