rake db:rollback STEP=1
Is a way to do this, if the migration you want to rollback is the last one applied. You can substitute 1 for however many migrations you want to go back.
For example:
rake db:rollback STEP=5
Will also rollback all the migration that happened later (4, 3, 2 and also 1).
As suggested in comments:
In order to rollback a specific migration use:
rake db:migrate:down VERSION=20100905201547