I know that:
\[
A \xleftarrow{\text{this way}} B
\xrightarrow[\text{or that way}]{ } C
\]
will produce:

Is there a way to have an arrow with text, but with the style of a \leadsto???
I know that:
\[
A \xleftarrow{\text{this way}} B
\xrightarrow[\text{or that way}]{ } C
\]
will produce:

Is there a way to have an arrow with text, but with the style of a \leadsto???
I provide a solution with use of tikz-cd. This is easy but will not expand automatically. Just edit the [column sep=4.5em] to your needs.
As you had problems with Gonzalo's code, I adapted it slightly for you. Should work now. However, you will not be able to set the label below the arrow. If you are good in TikZ, you may define more commands like this or set optional parameters in order to modify the placement.
% arara: pdflatex
\documentclass{article}
\usepackage{mathtools}
\usepackage{tikz-cd}
\usetikzlibrary{decorations.pathmorphing}
% code from Gonzalo
\newcommand\xrsquigarrow[1]{%
\mathrel{%
\begin{tikzpicture}[%
baseline={(current bounding box.south)}
]
\node[%
,inner sep=.44ex
,align=center
] (tmp) {$\scriptstyle #1$};
\path[%
,draw,<-
,decorate,decoration={%
,zigzag
,amplitude=0.7pt
,segment length=1.2mm,pre length=3.5pt
}
]
(tmp.south east) -- (tmp.south west);
\end{tikzpicture}
}
}
\newcommand\xlsquigarrow[1]{%
\mathrel{%
\begin{tikzpicture}[%
,baseline={(current bounding box.south)}
]
\node[%
,inner sep=.44ex
,align=center
] (tmp) {$\scriptstyle #1$};
\path[%
,draw,<-
,decorate,decoration={%
,zigzag
,amplitude=0.7pt
,segment length=1.2mm,pre length=3.5pt
}
]
(tmp.south west) -- (tmp.south east);
\end{tikzpicture}
}
}
\begin{document}
\[\begin{tikzcd}[column sep=4.5em]
A\arrow[leftsquigarrow]{r}{\text{this way}}
& B\arrow[rightsquigarrow]{r}[swap]{\text{or that way}}
& C
\end{tikzcd}\]
\[
A \xleftarrow{\text{this way}} B
\xrightarrow[\text{or that way}]{} C
\]
\[
A \xlsquigarrow{\text{this way}} B
\xrsquigarrow{\text{or that way}} C
\]
\end{document}

\arrow[leftsquigarrow]{r}{\text{this way}}[swap]{\text{or that way}} For the other approach, please ask another question.
– LaRiFaRi
Sep 13 '16 at 14:16
\underset{\mathclap{\text{this way}}}{\leadsto}. Otherwise, does Gonzalo's answer here answer your question? – Adam Liter Mar 17 '15 at 20:41snakedecoration. – Manuel Mar 17 '15 at 20:43