efficient use of the wolf is to let it die and resummon it, over and over. Save your two heals per encounter for other party members.
The wolf is sort of a proactive party heal, in that it lets you spend surges to replace lost hp as a minor, at will action - as long as those hp are on the wolf and not a PC, and only when the wolf drops. So try to get it hit a lot; each hit it takes is one that someone else didn't take. If it ends the fight with a few hp left, even better - all those lost hp are replenished at no cost at all!
If the monsters ignore the wolf... well, everyone gets CA, and the wolf gets OAs, and that's not bad either.
Useful adjuncts: Durable feat gives you more surges to spend on wolf summoning. Toughness feat gives you, and therefore your wolf and any summoned creatures, more HP. The Friend's Gift item lets the wolf come back with 1/2hp+5 instead of 1/2hp when summoned in mid-combat.
I play a hybrid sentinel/ bow ranger who summons toads and alligators, then stands behind the wall o critters and shoots while the summoned beasts make instinctive attacks with CA granted by the wolf. The wolf doesn't actually bite very often, because I'd usually rather twin strike with CA and quarry.