[MonoTouch] Monotouch App will not launch on Device but works in Simulator

[makeone]

I have an iPad application that I have been developing on simulator just fine
(xcode 4, md 2.8, mt 5). However, when I try to deploy to the device the
application crashes while launching. There are no crash logs in xcode and
the console window is not displaying any errors. 

However, when I run monotouch from the terminal I get the following output:

Rich-MacBook-Pro:~ rich3$ /Developer/MonoTouch/usr/bin/mtouch
--debugsim=$/private/var/mobile/Applications/31A80564-0CEF-4F4B-AE9D-6A1938510393
Invalid SDK specified: 3.2
Stacktrace:

  at (wrapper managed-to-native)
MonoTouch.ObjCRuntime.Messaging.void_objc_msgSend_intptr_intptr_bool
(intptr,intptr,intptr,intptr,bool) <0xffffffff>
  at MonoTouch.Foundation.NSObject.Dispose (bool) <0x0009f>
  at MonoTouch.Foundation.NSObject.Finalize () <0x00016>
  at (wrapper runtime-invoke) object.runtime_invoke_virtual_void__this__
(object,intptr,intptr,intptr) <0xffffffff>

Native stacktrace:

	0   mtouch                              0x000ec183 WriteZStream + 955779
	1   mtouch                              0x0001bd4f WriteZStream + 102735
	2   libsystem_c.dylib                   0x9020459b _sigtramp + 43
	3   ???                                 0xffffffff 0x0 + 4294967295
	4   Foundation                          0x9a0603de
-[NSObject(NSThreadPerformAdditions)
performSelectorOnMainThread:withObject:waitUntilDone:] + 160
	5   ???                                 0x027d5884 0x0 + 41769092
	6   ???                                 0x027d0e40 0x0 + 41750080
	7   ???                                 0x027d559f 0x0 + 41768351
	8   ???                                 0x025e5551 0x0 + 39736657
	9   mtouch                              0x001a76c4 WriteZStream + 1723076
	10  mtouch                              0x001a968a WriteZStream + 1731210
	11  mtouch                              0x001a98c4 WriteZStream + 1731780
	12  mtouch                              0x002735c1 WriteZStream + 2558401
	13  mtouch                              0x00273677 WriteZStream + 2558583
	14  mtouch                              0x002b8b0e WriteZStream + 2842382
	15  mtouch                              0x002f31d8 WriteZStream + 3081688
	16  libsystem_c.dylib                   0x901aced9 _pthread_start + 335
	17  libsystem_c.dylib                   0x901b06de thread_start + 34

Debug info from gdb:

/tmp/mono-gdb-commands.1eukTW:1: Error in sourced command file:
unable to debug self

=================================================================
Got a SIGSEGV while executing native code. This usually indicates
a fatal error in the mono runtime or one of the native libraries 
used by your application.
=================================================================

Abort trap: 6

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