From iOS6 it is now possible to use an NSAttributedString to perform underlining (and anything else attributed strings support) in a much more flexible way:
NSMutableAttributedString *commentString = [[NSMutableAttributedString alloc] initWithString:@"The Quick Brown Fox"];
[commentString addAttribute:NSUnderlineStyleAttributeName value:[NSNumber numberWithInteger:NSUnderlineStyleSingle] range:NSMakeRange(0, [commentString length])];
Note: added this as another answer - as its a totally different solution to my previous one.
oddly (in iOS8 at least) you have to underline the first character otherwise it doesn't work!
so as a workaround, set the first char underlined with clear colour!
NSMutableAttributedString* tncString = [[NSMutableAttributedString alloc] initWithString:@"View Terms and Conditions"];
// workaround for bug in UIButton - first char needs to be underlined for some reason!
[tncString addAttribute:NSUnderlineStyleAttributeName
value:@(NSUnderlineStyleSingle)
range:(NSRange){0,1}];
[tncString addAttribute:NSUnderlineColorAttributeName value:[UIColor clearColor] range:NSMakeRange(0, 1)];
[tncString addAttribute:NSUnderlineStyleAttributeName
value:@(NSUnderlineStyleSingle)
range:(NSRange){5,[tncString length] - 5}];
[tncBtn setAttributedTitle:tncString forState:UIControlStateNormal];