Is this a UIButton? If it is, how is the background red done? Obviously, it is not
red UIColor? Is there same tool or utility included with Xcode to allow making buttons
like this?

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You can generate similar buttons with private class
UIGlassButton.I saw it first here http://pastie.org/830884 by @schwa.
Run an app with this code in your iOS simulator to create a custom button (or in the device, save to $(APP)/Documents and enable iTunes file sharing).
Once you obtain the png, use it as button background.
Alternatively, you can build the buttons programmatically (by Jeff Lamarche).