i had the same issue as here
to fix this issue you must
go to Edit
Then Preferences then
Under GENERAL you should see tick boxes. click on the Ringtones Tick
One that has been done click OK
then on the side where you see all you playlist eg , apps itunes, ping, you should see another file called RingTones (above your devices tab).
You Need to Put Your Ringtones in that file before you drag them onto you phone.
once you have put them in the Itunes ringtones file. then drag you ringtone from the ringtones file on itunes to you ringtones file on your iphone
to fix this issue you must
go to Edit
Then Preferences then
Under GENERAL you should see tick boxes. click on the Ringtones Tick
One that has been done click OK
then on the side where you see all you playlist eg , apps itunes, ping, you should see another file called RingTones (above your devices tab).
You Need to Put Your Ringtones in that file before you drag them onto you phone.
once you have put them in the Itunes ringtones file. then drag you ringtone from the ringtones file on itunes to you ringtones file on your iphone