The standard Emacs key-binding for moving to the other frame (‘other-frame’) is C-x 5 o. That’s quite a few key-strokes, and also does not match with the standard OS X key-mapping for switching windows, which is Command-`. On OS X, the Command key maps to Meta in Emacs.
However, this is easy to fix. Put the following code-fragment into your .emacs file:
(define-key icicle-mode-map [?\M-`] nil) # Only needed if you use Icicles (global-set-key [?\M-`] 'other-frame) # This sets the key binding
Note that by default M-` invokes ‘tmm-menubar’ which can also be accessed via [F10]. Also, you do not need the first line (to undefine the key binding in Icicles) if you do not use that package.