The method you are looking for is built into the NSString class. The documentation for the class can be found here.
The method to use would be.
- (NSArray *)componentsSeparatedByString:(NSString *)separator
//An example of this in action
NSString *exampleString = @"Test|some|strings";
NSArray *separatedStrings = [exampleString componentsSeparatedByString:@"|"];
At this point you can do whatever you would like with each string in the array such as iterating over it or accessing a specific string in the sequence.
I've included an example of iterating over the elements returned for reference.
//This for example is a nice use of the NSArray enumeration
//Much easier than the standard for loop with multiple parameters
for(NSString *aComponent in separatedStrings) {
NSLog(@"A piece is: %@", aComponent);
//Do something with each string
}