Update 11/11/13: the question is still open. ipconfig was not strong enough to fix it... still you can make use of choice options incase you are building a tool for anyother purpose. Choice command won't work in Win XP and Win 2000 replace them by set command and accordingly goto statements too
xsl help is appreciated but after much googling I found ping 1.1.1.1 is not cool instead we have to use ping 127.0.0.0, here is what I have done. And here is where I found the choice commands details http://www.torgersens.net/wordpress/?p=273 long before Rock cud answer just that I was fine tuning my answer.
@echo off
:Menu
echo.
echo C for Change IP or Q to Quit
echo.
:Choice
choice /C CQ /M "Enter Choice"
goto ERR%errorlevel%
:ERR1
ipconfig /release
ping localhost -n 10 -w 1000 > nul
ipconfig /renew
echo Done
goto END
:ERR2
echo Bye
goto END
:END
pause