use instruments - leaks with a device
The solution for me was to make sure that my Profile scheme was using the "debug" and not "release" build configuration.
In Xcode 4 select Product/Edit Scheme from the top menuthen click on the "profile" button on the left. On the "info" pane you will see a setting for Build Configuration- set that to "debug"
This error is also thrown if you are trying to test your app on a device with a distribution profile selected. Make sure you have the correct code-sign settings for development.
You CAN profile the release build on the device. What you have to do is build the release build with a developer certificate. See here.