An alternative is conservation of angular momentum with respect to the moving contact point on the conveyor belt.
First, justifying conservatiob of angular momentum:
1) It is easy to see that the forces acting on the cylinder (gravity and friction) cannot produce any torques with respect to the contact point.
2) In the moment-of-momentum equation, the cross-product term between the the contact point velocity and the C.M velocity is zero, because these velocities are parallell.
Hence, as stated angular momentum is conserved.
Initially, the cylinder is at rest, so the angular momentum is [tex]\vec{0}[/tex]
At any other point of time, we therefore have:
[tex]\vec{0}=\vec{r}\times{M}\vec{v}_{C.M}+I\vec{\omega}[/tex]
Where:
[tex]\vec{r},\vec{v}_{C.M}=v_{C.M}\vec{i},\vec{\omega}[/tex]
are distance from contact point to C.M, velocity of C.M and angular velocity of cylinder, respectively.
M is the mass of the cylinder, whereas I is the moment of inertia of the cylinder with respect to the C.M.
Friction stops acting when rolling is achieved (rolling friction neglected), that is:
[tex]V\vec{i}=v_{C.M}\vec{i}+\omega\vec{j}\times(-R\vec{k})[/tex]
Or:
[tex]\omega=\frac{v_{C.M}-V}{R}[/tex]
We have:
[tex]\vec{r}\times{M}\vec{v}_{C.M}=M(R\vec{k})\times(v_{C.M}\vec{i})=MRv_{C.M}\vec{j}[/tex]
Hence, we get:
[tex]\frac{I}{R}V=(MR+\frac{I}{R})v_{C.M}[/tex]
Or, with [tex]I=\frac{1}{2}MR^{2}[/tex]
[tex]v_{C.M}=\frac{1}{3}V[/tex]
which agrees with Doc Al's answer.