Well you could make a custom UIView
and override the - (void)drawRect:(CGRect)rect
and write something like this:
CGContextRef con = UIGraphicsGetCurrentContext();
[self.img1 drawInRect:self.bounds blendMode:kCGBlendModeNormal alpha:1];
[self.img2 drawInRect:self.bounds blendMode:kCGBlendModeDarken alpha:1];
img1 is a UIImage
containing the mug image and img2 is another UIImage
containing the overlay.
Also, check out the other blend modes supported by iOS. (kCGBlendModeDarken
compares each pixel from img1 and img2 and selects the darkest one). For a much better explanation of blendmodes, then the one offered by apple, see http://en.wikipedia.org/wiki/Blend_modes