FYI the code under discussion is available here on GitHub.
-> is a member access operator in C++, just as . is. They both expect the name of an object's member on the right (e.g. a member function or variable). The difference is that . expects an object on the left, whereas -> expects a pointer to an object which it first dereferences.
So chainActive.Tip()->nChainWork.getdouble() starts with the active chain, gets a pointer to a CBlockIndex object which represents the current tip, dereferences that pointer and gets the total chain work of the tip (which is a 256 bit integer), and converts it to a double.
Next it calculates natural_log(total_chain_work) / natural_log(2), which is the same as calculating log_base_2(total_chain_work). I presume this is simply to make the output smaller, as opposed to having to output the entire (much longer) total_chain_work.
If you'd like to get it back into the total_chain_work format used in older versions, just calculate 2log2_work, e.g. pow(2.0, log2_work).