When I frame out a block wall I either use furring strips glued and secured with a 22 cal. impact hammer (Ramset) and between each strip I glue those pre-cut syrofoam panels in place - OR - I build 2x4 partition walls with vertical blocking every 4 feet that I can use to glue, anchor, screw, or Ramset to the cement blocks. Preferably you wouldn't secure it to the block wall at all and instead secure it at the floor and ceiling...
There are lots of other factors to consider as well such as if a vapor barrier is needed, what is the condition of the block walls and can you drive a nail or Tapcon into it without it crumbling...
Sometimes paint or a stucco type coating is the best (and cheapest) solution for older block walls. In that case you would just go with a drop ceiling tile...