Recreate is the better option.
You end up with a script to create the db
It's dirt simple.
You don't have to take the complexity of your schema in to account.
Sql server will be more than happy to create the script for you.
The other options is to write something that looks through the schema
Identifies Tables with foreign key contraints so they can be dropped
Then find the identities and reseeds them
Then puts the FKs back
Or if you are a masochist, you could write (well try to) something to use the dependency order
Both of options 2 and 3 are high maintenance.