Unfortunately, at this point, there isn’t.
The good news is that you don’t have to choose between these two options. You can simply tap the EDIT button and then use minus+confirm DELETE on each individual message for which you want erasure from your iPhone’s Recents menu! The bad? There doesn’t seem like there will be any way of doing this without installing third-party software (which we don’t recommend), BUT Apple could always add such functionality in future updates – so stay tuned…
Mail and messages now both have a multiple delete feature (firmware 3.0 and later). When viewing your Mail inbox or SMS messages from any contact, you’ll notice an “Edit” button in the upper right corner of the screen that allows for easy editing on individual selections as opposed to having to scroll through all previous communications with this person before finding what was being deleted by mistake!
At the bottom of the screen, in Messages, you can choose “Delete” or “Forward” while in Mail you have the choice to “Delete” or “Move” the selected messages.
UPDATE: The process for deleting multiple texts in Messages has changed in iOS 7.