iOS 5 Beta project targeting 3.2 not running on devices with iOS 4.2

I have all the latest iOS beta related software installed, I also install the iOS 5 v7 beta version on my iPad all works fine, but I have a 2nd gen iPod Touch with iOS 4.2.1 and when I try to compile my a开发者_StackOverflowpp to test in it, builds successfully but the app doesn't install on the device, I am targeting 3.2 on my build and target settings, any ideas why is not running on the iPod Touch with iOS 4.2.1?

I understand that iOS 5 is not compatible with 2nd gen iPod Touch but if I target my to 3.2 it should work right?