//Fails miserably $("#create_teaser").reset();
After looking online there was quite a bit of talk about creating new jQuery methods and such, which seemed like a bit of an overkill to me.
Example of reset form with jQuery
This solution is about as simple as it gets when you want to reset form elements.
If you don't have jQuery available then you could just reset a form like this:
which gets the element with the id myForm (in our case the form itself) and resets all the form elements to their original value.