I haven't seen anything as clean as drush sql-drop (for drupal) yet, but the following works and is more thorough than the civicrm/sql/civicrm_drop.mysql file:
# include this in devize.sh or whatever script is being used to rebuild your dev/test site
echo "SET FOREIGN_KEY_CHECKS=0;" > drop-tables.sql
drush civicrm-sql-query "show tables" | ...
There's a file in the [civicrm root]/sql folder called civicrm_drop.mysql. You should be able to use that as source sql/civicrm_drop.mysql. It doesn't drop views or the canary table, but you can do that separately.