In my opinion, there is no point in profiling single methods. Because a) it is very easy to spot resource hogging methods (ie if you have to iterate through 10000 of input values to find only 100 valid values you want to output, then it is obvious that you are not effective and waste CPU time on 9900 useless iterations) and b) key of efficient design is to foresee the resource hog, and again using the same example as in point a, it is up to you as designer to find more efficient way of solving the problem, using leaner and faster data structure or just finding a way to trim the junk data from the method.
EDIT: And no, there is no way to correlate execution time and cpu usage, thanks to the java JIT and the fact that it uses garbage collector autonomously.