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Pool Noodles are made from a buoyant form of polyethylene foam.
Black foam pipe insulation is a also polyethylene but a different composition for insulation purposes instead of buoyancy.
Hi Deane,
They are both made of foam, but there may be a difference in thickness and air pockets which will affect the R-Value. Pool noodles are cheap and don't last long so I'm guessing that the foam wrap would do a better job, but I'm not an expert and was unable to find a definite R-Value for each of them online. Plus there is the heat factor of your pipes to consider. You could try putting the pool noodles in some hot water to see if they hold up. If not, use the pipe wrap. The pool noodles might be okay for cold water pipes. Wishing you the best.