Restore missing Ringtones, iOS 8 How do I recover and set my ringtone to the lollipop guild, a song I had already purchased?
Make sure your phone is updated to iOS 8.1.2 - this was a known issue in 8.1.1

As you update you will get a notice about it &amp; a link to follow to get your ringtones back.

See Restore missing tones on your iPhone, iPad, or iPod touch running iOS 8.1.1