Arduino on Xcode Project — Official Thread

Just open makefile

# Libraries
# ----------------------------------
# Declare application Arduino/chipKIT/Wiring and users libraries used 
# Short-listing libraries speeds-up building
# Typing = 0 takes none
# Otherwise, all will be considered (default)

you can define which Arduino/chipKIT/Wiring libraries you want

# List Arduino/chipKIT/Wiring libraries here 
#

as well as which users libraries

# List users libraries here 
#

Those parameters are intended to avoid compiling all the libraries each time and thus, speed-up the process.