5.0.2 does not support build with Xcode 6. Use Xcode 5.1.1.
You can build with Xcode 6 using current git master, though. There are a few issues still (I filed several, though some seem related). I would expect the next released version will fully support build with Xcode 6. There are workarounds for the minor build problems, and I have been building with XCode6 successfully.
Thanks for the info
But i need to build the app for iOS 8 for which i need Xcode6.
The reason for using rhodes5.0.2 instead of rhodes 4.1.1 is because Geo Location API of rhodes4.1.1 is not working on iOS 8 it always gives 0 for Lat and Long position co-ordinates.
Is there a work around for this so that i can get the Geo location API working
5.0 not supported start in simulator by "rake run:iphone" - building and start from XCode 6 supported.
Please post full console output for "rake run:iphone --trace" or full build log from XCode.
If you use XCode project generated in 4.0, you should regenerate it by 5.0 (remove app_folder/project/iphone and regenerate by "rake build:iphone:setup_xcode_project")