When programming a CPU intensive or GPU intensive application on the iPhone or other portable hardware, you have to make wise algorithmic decisions to make your code fast.>
This really isn't something that can be answered in general as it really depends on how you use the language features. Both languages will have things that they are fast at, things that they are slow at, and things that are sometimes fast and sometimes slow. It really depends on what you use and how you use it. The only way to be certain is to profile your code.
In Objective C you can also write c++ code, so it might be easier to code in Objective C for the most part, and if you find something that doesn't perform well in it, then you can have a go at writting a c++ version of it and seeing if that helps (C++ tends to optimize better at compile time). Objective C will be easier to use if APIs you are interfacing with are also written in it, plus you might find it's style of OOP is easier or more flexible.
In the end, you should go with what you know you can write safe, robust code in and if you find an area that needs special attention from the other language, then you can swap to that. X-Code does allow you to compile both in the same project.