I tend to leave my logs whole until I need them, at which point I generally make a couple of cross cuts to remove the end and cut a length and then use a couple of noodling cut as described by Beau (that's a perfect term for it that I hadn't heard before) to cut a slab. Or just one noodling cut to split the log in half.
I've had a quick search and a few people suggest a different chain for noodling but most seem to suggest a regular chain is fine. The 261's at work noodle just fine so I suspect it's just down to my 180's smaller engine.
Our planking saw does indeed have a ripping chain (or at least a chain that was supplied when we requested a ripping chain from the dealer). I had a quick look at it today and other than the being ground to 10 degrees the teeth seemed very similar to the 261's