Answer in bold.
If they have jailbroken your iphone and have the will to steal data, they will probably have the ability to decrypt anything you put there; this is especially so if the data is of any value. To use encryption in this scenario your application will have to store the password somehow, unless you expect the user to enter this every time using the iphone keyboard -- which is a big no-no from a usability point of view. I suggest you rely on the access baricades and remote-wipe facility provided by apple.
If your a going to rely on apples 4-numeric pin as a password -- i.e., to balance useability.... well that only has 10,000 combinations.... not very secure.
However.... the simplest and the time-tested approach is to use a reversible encryption block-cypher in block-chained mode to encrypt the content of the sensitive columns, and to retrieve the password from the user every time the application is started.
-- edit : further discussion --
If I was expecting contents to be encrypted in a mobile way, I would expect the user of the contents to have a USB stick with the contents on it and a security hardened laptop/netbook with the something like truecrypt running on it.