I use the following one liner in Terminal.
$ rake db:drop && rake db:create && rake db:migrate && rake db:schema:dump && rake db:test:prepare
I put this as a shell alias and named it remigrate
By now, you can easily "chain" Rails tasks:
$ rake db:drop db:create db:migrate db:schema:dump db:test:prepare # db:test:prepare no longer available since Rails 4.1.0.rc1+