11.1.1 - Mac OSX - JDK set, but IntelliJ IDEA doesn't see it

I have IntelliJ IDEA 11.1.1 installed (IU-117-117).

I setup the Java 1.6 JDK on Mac OSX but the IDE doesn't seem to see it.

I restarted the application and this is what I see:

Any suggestions as to how to resolve this?

The path is correct as that is what Maven is using as well.