As wood dries it shrinks more in the circumferential direction than in the radial direction so if you try to season it while it's still round it is extremely difficult to avoid radial cracking. Cut or split it while it's green and then it can shrink without cracking. Paint the end grain with something -- any kind of paint will do or wax or linseed oil. Otherwise the end grain loses moisture much faster than the other surfaces and that'll cause cracking. If you cut it to not too much bigger than the size you want it'll dry faster than in big chunks. The formula Tom gave is the best way to produce the best quality seasoned hardwood, fully seasoned and not prone to any more dimensional change. If it's not a dense hard wood you probably won't have to wait as long, but if you follow Tom's formula to be on the safe side you will definitely have some good fully seasoned wood when you're done.
You'll often see the formula "season hard wood a year, soft wood six months." That's good enough if you're going to build houses out of it, but if you fit the guard to the wood perfectly and then a month later it isn't a perfect fit any more you're not going to be very happy about that....
It's possible to kiln dry wood and you can even do small pieces in a microwave oven, but air drying is the best and safest way.
-Cougar Allen :{)