tl;dr
NSLog( @"ERROR %@ METHOD %s:%d ", @"DescriptionGoesHere", __func__, __LINE__ );
Details
Apple has a Technical Q&A page: QA1669 - How can I add context information - such as the current method or line number - to my logging statements?
To assist with logging:
- The C preprocessor provides a few macros. 
- Objective-C provides expressions (methods).
- Pass the implicit argument for the current method's selector: _cmd
 
As other answers indicated, to merely get the current method's name, call:
NSStringFromSelector(_cmd)
To get the current method name and current line number, use these two macros __func__ and __LINE__ as seen here:
NSLog(@"%s:%d someObject=%@", __func__, __LINE__, someObject);
Another example… Snippets of code I keep in Xcode's Code Snippet Library:
NSLog( @"ERROR %@ METHOD %s:%d ", @"DescriptionGoesHere", __func__, __LINE__ );
…and TRACE instead of ERROR…
NSLog( @"TRACE %@ METHOD %s:%d ", @"DescriptionGoesHere", __func__, __LINE__ );
…and a longer one using a soft-coded description passing a value ([rows count])…
NSLog( @"TRACE %@ METHOD %s:%d.", [NSString stringWithFormat:@"'Table of Contents.txt' file's count of Linefeed-delimited rows: %u.", [rows count]] , __func__, __LINE__ );
Preprocessor macros for logging
Note the use of a pair of underscore characters around both sides of the macro.
| Macro                | Format   | Description
  __func__               %s         Current function signature
  __LINE__               %d         Current line number
  __FILE__               %s         Full path to source file
  __PRETTY_FUNCTION__    %s         Like __func__, but includes verbose
                                    type information in C++ code. 
Expressions for logging
| Expression                       | Format   | Description
  NSStringFromSelector(_cmd)         %@         Name of the current selector
  NSStringFromClass([self class])    %@         Current object's class name
  [[NSString                         %@         Source code file name
    stringWithUTF8String:__FILE__]   
    lastPathComponent] 
  [NSThread callStackSymbols]        %@         NSArray of stack trace
Logging Frameworks
Some logging frameworks may help with getting current method or line number as well. I'm not sure, as I've used a great logging framework in Java (SLF4J + LogBack) but not Cocoa.
See this question for links to various Cocoa logging frameworks.
Name of Selector
If you have a Selector variable (a SEL), you can print its method name ("message") in either of two ways as described by this Codec blog post:
- Using Objective-C call to NSStringFromSelector:
 NSLog(@"%@", NSStringFromSelector(selector) );
- Using straight C:
 NSLog(@"%s", selector );
This information drawn from the linked Apple doc page as of 2013-07-19. That page had been last updated 2011-10-04.