Train (KTM) is, in fact, much slower than bus. Only the seats are more spacious and comfortable. But there r only 2 or 3 trains down South a day. I think train is way more than 2 hrs, and u need to head to Butterworth to board both ur train or bus.
Ipoh's train station is in the city centre, but there is no station in Penang. It's in Butterworth.
Check out KTM's website below.
I personally recommend bus.