Runtime error launching Titanium Android Emulator

Hello,
First time I doing this, trying emulator from my Android, not done this before. When I try to launch Titanium Android Emulator it encountered a problem. This means I need to update my version or I need to go back to old version. The message in the log file is empty or blank. Don’t understand it. Anyone can help me to fix this problem. Thanks.

Problem Occurred
‘Launching Titanium Android Emulator – androidfacebook’ has encountered a problem.
This launch uses Av8 Android Runtime, which require Android 2.2 SDK and above.
Please edit your launch configuration to select a compatible SDK.
[This launch uses Av8 Android Runtime, which require Android 2.2 SDK and above.
Please edit your launch configuration to select a compatible SDK.]
