Purge or recreate a Ruby on Rails database

I have a dev Ruby on Rails database full of data. I want to delete everything and rebuild the database. I’m thinking of using something like:

rake db:recreate

Is this possible?

I know two ways to do this:

This will reset your database and reload your current schema with all:

rake db:reset db:migrate

This will destroy your db and then create it and then migrate your current schema:

rake db:drop db:create db:migrate

All data will be lost in both scenarios.