I know the kinetic energy of a rigid object is \begin{align}\tag{$1$} KE = \frac{1}{2}mv^{2} + \frac{1}{2}I\omega^{2} \end{align} where $v$ is the velocity of the center of mass of the object, $\omega$ is its angular velocity, and $I$ is the moment of inertia about its center of mass.
Now the things is, shouldn't the moment of inertia be specified about an axis as opposed to a point? I can understand that the axis has to be through the center of mass, but which direction ought it to be oriented? If there is a specific axis we have to use, how do we calculate this axis for an arbitrary body undergoing arbitrary motion?
For an example, consider a uniform solid cylinder (radius $r$, height $h$) rolling without slipping at a constant velocity $v > 0$. I could consider the axis along the axial direction of the cylinder through the center of mass and obtain $$ I = \frac{1}{2}mr^{2}. $$ We can consider $(1)$ with $\omega = v/r\ne 0$ with no issues. But couldn't I also consider a perpendicular axis oriented, say, vertically and through the center of mass? In that case, $$ I' = \frac{1}{12}m(3r^{2} + h^{2}). $$ This is clearly different, and as the cylinder rolls, I would expect the angular velocity to be $\omega\,' = 0$. Wouldn't this change the result in $(1)$?