What a great question. I think it’s okay to have something like either of these:
Option 1: lay your cards out on the table.
Project manager in transition, looking for my next role in the NYC area, or
Looking for new opportunities as a Project Manager with rich software development experience.
Option 2: be the professional you are (regardless of your employment status).
Project Management Professional providing exceptional value to large-scale software projects in the across multiple industries, or
Project Manager (PMP), actively involved in multiple NYC PMI Chapter – experienced in high-tech funded startups.
In the first option it is clear you are looking for your next gig – nothing wrong with that. In the second option it is clear you are a competent professional (not that the first option doesn’t portray that).
Remember, this LinkedIn Professional Headline is only one place to share information, the rest of the LinkedIn Profile needs to be used to tell your story!