The actual rate of drying varies by wood, by thickness, etc etc - there are no 'standard rates'........but there is one generally accepted rule of thumb. This says "one year per one inch thickness", which is great for planked timber but not a lot of use for branches/logs!
The most problematical bit of the log/wood for drying is the pith - which is why Andrew suggests splitting anything over about 10" diameter. Anything less than 10"...leave it and hope for the best!
The reason for sealing the ends (you should only seal the ends) is because the moisture races out of the ends at about 4 times the rate it crawls out through the bark. It's all to do with the cell structures and how the tree grows - "up" or "down" the trunk is how the moisture flow was designed.
You can use almost anything to seal the ends, but bear in mind that you're trying to equalise the moisture loss rate, not to make the ends air/moisture tight! So it doesn't need to be a perfect finish. But most seal finishes will 'breathe' anyhow.
A wax seal is traditional (no idea why, anyone know out there?), and there are a number of wax/paint proprietary products available, but any paint will do (I always reckon a pastel eggshell adds a certain something to the wood stock ambience.........oops).
I've experimented with PVA, and I thought it was quite successful (waste of time - and wood! - diluted, just use it straight from the tin/tub), but the amount of split logs I'm finding recently makes me think it's got more to do with the actual wood!!
Good luck! - and happy future turning