An other Eclips/WOLips newbie question: Target VM settings?

I _think_ I solved the build problem I was facing last week... and  
have a new one:

I built the project I've imported from Xcode with the ant script that  
is created in the WOLips project and tried to deploy it on or servers.  
Now I'm getting the "Unsupported major.minor version" error. In Xcode  
I had to set the "Target VM version" to and "Source Version" to 1.4 to  
get rid of this problem. I would expect something similar has to be  
done in Eclipse. Would someone be kind enough to show a newbie where  
this is done?

Thanks a bunch!

-Will