According to iBlogeek, they have developed an application that can reset the password. Application known as RMPassword comes with graphical interface.
This application which runs in Mac OS X only can be downloaded from the following link.
http://www.iBlogeek.com/downloads/RMPassword.zip
Your iPhone needs to be jailbroken, should have OpenSSH installed and, of course, with WiFi on in order to work with this application.
Courtesy of: IBlogeek.com
