Create an elliptical CGPath and create a polygon body with that path:
CGPathRef path = CGPathRef CGPathCreateWithEllipseInRect(someRect, nil);
SKPhysicsBody* body = [SKPhysicsBody bodyWithPolygonFromPath:path];
It's possible though that the created path creates more than 16 vertices (the internal limit) for the ellipse. In that case it is going to crash and you'd have to create the path manually, ensuring it doesn't have more than 16 points.
If the body doesn't need to be dynamic you can also use bodyWithEdgeLoopFromPath:
and bodyWithEdgeChainFromPath:
- both impose no limit on number of vertices.