Google has released a new YouTube application for the iPhones which will feature online advertising.

The new YouTube app features a new channel guide and several sharing options ranging from Facebook and Google+ to Twitter.

Google claims that its own app’s search tool found videos faster than the Apple-coded versions and that iOS users would have access to more video content, including official music videos.

YouTube mobile head Andrey Doronichev said: "The new app is built by YouTube engineers, to give our iPhone and iPod touch users the best mobile experience."

Search engine giant Google and Apple did not renew a five-year licensing deal that established YouTube as one of the built-in applications in the operating system that runs the iPhone and iPad.

In August this year Apple revealed that its contract with Google to use YouTube had expired and its beta release of iOS 6 removed the app.

Google’s chief executive Larry Page and Apple CEO Tim Cook have been reportedly holding talks on a wide range of issues, including the mobile patent disputes between the two companies.

Last month, Apple announced that it will be removing YouTube from iOS alongside Google Maps in the next OS update.