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I actually haven't found a way to implement this on the iPad. It would be cool if they made it a toggle much like projects.

I think (but haven't verified) that it transfers the settings from your preferences of the laptop version and transfers the settings of individual groupings. In other words, if you generally create new lists with sequential or with parallel - you could select you preference from the preference menu in the computer version. This would then translate to the same settings whenever a new grouping is created in the iPad version if they are in sync. Groupings that are already in one form or the other maintain their specific parallel/sequential setting.

Again - I think this is how it works, but I don't know for certain.