Here is the procedure to reset password of root user.
1) Stop mysql (Kill mysql process or run following command)
sudo /usr/local/mysql/support-files/mysql.server stop
2) Start it in safe mode
sudo mysqld_safe --skip-grant-tables
3) Open another terminal and run the following command (Keep last terminal open)
mysql -u root
4) Run the following command with suitable new password on the mysql console
mysql > UPDATE mysql.user SET Password=PASSWORD('password') WHERE User='root';
5) mysql > FLUSH PRIVILEGES;
6) Quit from both terminals and open new terminal and connect to mysql with root user and new password
mysql -uroot -p