From BAW Login/Logout Menu

gistfile1.js

<?php
if( !defined( 'ABSPATH' ) )
  die( 'Cheatin\' uh?' );

/* Used to return the correct title for the double login/logout menu item */
function bawllm_loginout_title( $title )
{
	$titles = explode( '|', $title );
	if ( ! is_user_logged_in() )
		return esc_html( isset( $titles[0] ) ? $titles[0] : $title );
	else
		return esc_html( isset( $titles[1] ) ? $titles[1] : $title );
}

/* The main code, this replace the #keyword# by the correct links with nonce ect */
add_filter( 'wp_setup_nav_menu_item', 'bawllm_setup_nav_menu_item' );
function bawllm_setup_nav_menu_item( $item )
{
	global $pagenow;
	if( $pagenow!='nav-menus.php' && !defined('DOING_AJAX') && isset( $item->url ) && strstr( $item->url, '#baw' ) != '' ){
		$item_url = substr( $item->url, 0, strpos( $item->url, '#', 1 ) ) . '#';
		$item_redirect = str_replace( $item_url, '', $item->url );
		switch( $item_url ) {
			case '#bawloginout#' : 	
									$item_redirect = explode( '|', $item_redirect );
									if( count( $item_redirect ) != 2 ) 
										$item_redirect[1] = $item_redirect[0];
									for( $i = 0; $i <= 1; $i++ ):
										if( $item_redirect[$i] == '%actualpage%')
											$item_redirect[$i] = $_SERVER['REQUEST_URI'];
									endfor;
									$item->url = is_user_logged_in() ? wp_logout_url( $item_redirect[1] ) : wp_login_url( $item_redirect[0] );
									$item->title = bawllm_loginout_title( $item->title ) ; break;
			case '#bawlogin#' : 	$item->url = wp_login_url( $item_redirect ); break;
			case '#bawlogout#' : 	$item->url = wp_logout_url( $item_redirect ); break;
			case '#bawregister#' : 	if( is_user_logged_in() ) $item->title = '#bawregister#'; else $item->url = site_url( 'wp-login.php?action=register', 'login' ); break;
		}
		$item->url = esc_url( $item->url );
	}
	return $item;
}

add_filter( 'wp_nav_menu_objects', 'bawllm_wp_nav_menu_objects' );
function bawllm_wp_nav_menu_objects( $sorted_menu_items )
{
	foreach( $sorted_menu_items as $k=>$item )
		if( $item->title==$item->url && $item->title=='#bawregister#' )
			unset( $sorted_menu_items[$k] );
	return $sorted_menu_items;
}

/* [login] shortcode */
add_shortcode( 'login', 'bawllm_shortcode_login' );
function bawllm_shortcode_login( $atts, $content = null )
{
	extract(shortcode_atts(array(
		"edit_tag" => "",
		"redirect" => $_SERVER['REQUEST_URI']
	), $atts ) );
	$edit_tag = esc_html( strip_tags( $edit_tag ) );
	$href = wp_login_url( $redirect );
	$content = $content != '' ? $content : __( 'Log In' );
	return '<a href="' . esc_url( $href ) . '"' .$edit_tag . '>' . $content . '</a>';
}

/* [loginout] shortcode */
add_shortcode( 'loginout', 'bawllm_shortcode_loginout' );
function bawllm_shortcode_loginout( $atts, $content = null )
{
	extract(shortcode_atts(array(
		"edit_tag" => "",
		"redirect" => $_SERVER['REQUEST_URI']
	), $atts ) );
	$edit_tag = strip_tags( $edit_tag );
	$href = is_user_logged_in() ? wp_logout_url( $redirect ) : wp_login_url( $redirect );
	if( $content && strstr( $content, '|' ) != '' ) { // the "|" char is used to split titles
		$content = explode( '|', $content );
		$content = is_user_logged_in() ? $content[1] : $content[0];
	}else{
		$content = is_user_logged_in() ? __( 'Logout' ) : __( 'Log In' );
	}
	return '<a href="' . esc_url( $href ) . '"' .$edit_tag . '>' . $content . '</a>';
}

/* [logout] shortcode */
add_shortcode( 'logout', 'bawllm_shortcode_logout' );
function bawllm_shortcode_logout( $atts, $content = null )
{
	extract(shortcode_atts(array(
		"edit_tag" => "",
		"redirect" => $_SERVER['REQUEST_URI']
	), $atts ) );
	$href = wp_logout_url( $redirect );
	$edit_tag = esc_html( strip_tags( $edit_tag ) );
	$content = $content != '' ? $content : __( 'Logout' );
	return '<a href="' . esc_url( $href ) . '"' .$edit_tag . '>' . $content . '</a>';
}

/* [register] shortcode */
add_shortcode( 'register', 'bawllm_shortcode_register' );
function bawllm_shortcode_register( $atts, $content = null )
{
	if( is_user_logged_in() )
		return '';
	$href = site_url('wp-login.php?action=register', 'login');
	$content = $content != '' ? $content : __( 'Register' );
	$link = '<a href="' . $href. '">' . $content . '</a>';
	return $link;
}