Below are some Open Source Projects I've found on Github.
- Painter
- Paint-App
- Cloud Finger Paint Client
In terms of Libraries or Frameworks, here is one from CocoaControls (which by the way has a whole collection of Cocoa stuff for OSX and iPhone)
You could incorporate the GLPaint code that Apple provides or use some of the code in the QuartzDemo Demo Application. You could create a simple application just using the touch methods and UIBezierPaths on a view.