Any choice of tools is best predicated by an assessment of what you actually need in a tool.
RoR is very popular among the edge crowd these days, and it's a good framework. The standard Ruby caveats apply about threading, scalability and so forth. Personally, I tend to look at RoR as a great place to test proof of concept.
PHP gets a terrible rap from a lot of people for a lot of silly reasons (and some valid ones, too, but mostly silly ones) but it's actually been evolving nicely over the past few years. It'd be my guess that CodeIgniter is slipping in popularity, losing ground to Zend Framework particularly. Then again, Rasmus Lerdorf himself doesn't care much for frameworks.
I'd say learn what you want to learn for the sake of learning, but if you have an actual end-goal in mind, examine what that goal would need and assess both languages to see how well they fit.
Getting started, PHP will be easier to kickstart for most people (due to the setup of RoR vs. LAMP/WAMP), but that's again an opinion.