Q: How do I change the a Timeline Ruler to show minutes and seconds in iOS 2.0?

Go to the main bar/beat window, click on the small 8th note in the upper Left Hand corner and it will drop down the minutes/secs/Time-base option.

Sorry pink sky-I think our versions are different or see if you can change your "view"  in other similar programs, it involves choosing an "expanded" or more detailed view of that counter window. If you can see more detail, you may find the eight note. I wish it wasn't this hard-should be instinctive in the interface.

I just figured this out, and I think that I have the same version as you.  On the display in the middle of the screen, you will see a small clock icon.  Click on that and it will give you two options 'Beats and Project'  or 'time' .   Click on 'time' and you're all set.