Like Pearl said if it's a white wood peal the bark and cambium off right away. Let it dry a hour or so then seal back and ends. I like to split and rough out stave to heavy floor tiller if I can. It'll dry faster with less chance of getting drying cracks in the back. I usually give the ends and belly another coat of sealer in a day or two. It's a fair amount of work and a lot easier to cut then take care of. Don't dry it to fast at first. Put it some place cool but ventalated if you can. After a couple weeks you can get it drying a bit more aggressive if you like.
Bjrogg