The best match that I have found until now is to use ruby-prof from command line and try to guess the graph reading from there.
require 'ruby-prof'
# Profile the code
RubyProf.start
...
[code to profile]
...
result = RubyProf.stop
# Print a flat profile to text
printer = RubyProf::FlatPrinter.new(result)
printer.print(STDOUT)
https://github.com/rdp/ruby-prof
The main problem with this approach is that you have to modify your code to see the profiling and is not very readable.
Also I have tried if some IDEs: RubyMine, Aptana and Netbeans and no one has a proper graphical interface to profile code.
Any recommendation?
Try the ruby-prof command line tool: http://ruby-prof.rubyforge.org/files/bin/ruby-prof.html
And use something like following: