If you're creating a Mac library, you have either the option of creating a dylib, which includes only the compiled binary for the library, or creating a framework, which includes the compiled binary as well as headers and other bundle resources used by the library, in a single package. Frameworks are the preferred method of library distribution for the Mac.
If you're creating an iOS library, iOS doesn't support dynamic libraries of any kind (no dylibs or frameworks) so you're stuck with creating static libraries to distribute your code.