Change/check minimum iPhone OS for Universal apps?

Question

The dropdown in XCode shows a base SDK of 3.2, but my iPod Touch (2nd generation), running OS 3.1.3, will run the app just fine in debug mode. (Command + Return/Enter)

What is the actual base SDK of my iPhone/iPod touch version of the app and how can I change this? Changing it by right clicking on the project name in the "Groups and Files" pane and changing "Base SDK" under the "Build", doesn't do much.

Edit:

While writing this question, I found that scrolling down in "Build" and changing "iPhone OS Deployment Target" seems to be what I'm looking for, I'm posting this anyway. Perhaps someone has more insight into this...

EDIT: If someone can verify my fix, please post here as well.

Answer 1

Project -> Edit Project Settings -> Build -> iPhone OS Target Deployment

will change the minimum OS for other devices and maintain compatibility with iPad.