MySQL 5.5.9 Wont Start
It isn't refusing to start because of the missing ib_log files: in fact that trace shows it created blank versions in response to not finding them [presumably this is similar to attaching a detached DB in MSSQL without it s log file(s)].

The reason it is reporting for failing to start appears to be unknown option '--skip-locking' which implies that this option is specified on the command line or in the config file but is not being understood.

Why there would be a wrong option in a fresh install I'm not sure, and I'm no expert at all on MySQL so can't be much more help. To help other people (who may have much greater MySQL knowledge) help you it would be a good idea to document the steps you took install and configure MySQL (including where you obtained any install files or source code) - that will help identify if you are hitting a known problem with MacOS that is a seen in certain releases or setups.

Edit:

A quick search for info about the option indicates that it is now deprecated as it has been renamed to --skip-external-locking (see this SO question+answer) and is apparently the default behaviour anyway. The changelog linked to suggests is changed somewhere in the 4.x line though, so why v5.1.x accepted it and v5.5.9 doesn't is not obvious (unless it was a bug that v5.1.x didn't give the error/warning).