Visual Studio didn’t have the option to select the Windows Phone emulator, this happened after doing a repair of the Windows Phone SDK 8.0 – ENU. It only had the “Attach…” a process to it. The issue here was that the hyper-V wasn’t enable/installed.
By right clicking your windows phone project try to deploy the following message was displayed:
Either open up the Windows Features by clicking “Turn on Hyper-V” or from Control Panel -> Programs -> Programs and Features -> “Turn Windows features on or off” from the left (blue) menu. Enable Hyper-V and press OK. It will need a restart, after the reboot the emulator is in the dropdown menu.