You need image masking for that, I wrote a tutorial on how to use it and how I've used it in my own application.
The following example code should help you get started, it needs the original image and a mask image as input and it returns the masked image as output.
- (UIImage*) maskImage:(UIImage *) image withMask:(UIImage *) mask
{
CGImageRef imageReference = image.CGImage;
CGImageRef maskReference = mask.CGImage;
CGImageRef imageMask = CGImageMaskCreate(CGImageGetWidth(maskReference),
CGImageGetHeight(maskReference),
CGImageGetBitsPerComponent(maskReference),
CGImageGetBitsPerPixel(maskReference),
CGImageGetBytesPerRow(maskReference),
CGImageGetDataProvider(maskReference),
NULL, // Decode is null
YES // Should interpolate
);
CGImageRef maskedReference = CGImageCreateWithMask(imageReference, imageMask);
CGImageRelease(imageMask);
UIImage *maskedImage = [UIImage imageWithCGImage:maskedReference];
CGImageRelease(maskedReference);
return maskedImage;
}