One embodiment of the present invention provides a system for releasing a memory location from transactional program execution. The system operates by executing a sequence of instructions during transactional program execution, wherein memory locations involved in the transactional program execution are monitored to detect interfering accesses from other threads, and wherein changes made during transactional execution are not committed until transactional execution completes without encountering an interfering data access from another thread. Upon encountering a release instruction for a memory location during the transactional program execution, the system modifies state information within the processor to release the memory location from monitoring. The system also executes a commit-and-start-new-transaction instruction, wherein the commit-and-start-new-transaction instruction atomically commits the transaction's stores, thereby removing them from the transaction's write set while the transaction's read set remains unaffected.