The traditional menu works better, especially if it's responsive and the text is big and easy to tap on the iphone.
BUT consider that when you have a large menu with lots of options, the user would have to scroll up and down and tap on items to reveal submenus and so on which basically takes extra time.
In that case, the wheel is far more usable, especially with a structure like so:
Menu Item 1
Menu Item 2
-- Sub Menu Item 1
Menu Item 3
and so on
It's easier to scan and find the page you want to go to