1. Start off by going to Options.

2. Scroll down to Security Options and open it.

3. Select General Settings

4. Hit menu key and select “Wipe Handheld“

On OS 5.0 it’s a little bit different.  After Step 2, scroll down to “Security Wipe” and select the data you would like to delete.  Here you will see “Emails, Contacts, etc” as well as “User Installed Applications” and “Media Card.” Feel free to select all of them if you are looking to wipe the device completely clean.  The missing link in OS versions before 5.0 was being able to delete memory card from that same menu but it looks like it is now here to stay.

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