As the app description in iTunes says, you cannot do that right now:
Create new tasks, mark your tasks as complete or incomplete, edit description or set a due date. Note that while you can see/update indented tasks, creating sub-tasks or manually rearranging tasks is not yet supported - coming for the New Year.
The part in bold was added tow days ago, the rest of it was up there for months. I apologize for not adding it sooner.
Note that this feature has been coded and is currently in Beta testing. See a demo here. I expect it to become available around the first week of January. In the mean time the only way to reorder tasks is by using Google's web site on a desktop.