There are several ways the WL-520GU's NVRAM can be reset.
Using the Administration -> Factory Defaults web interface.
Selecting the option to reset to Default Settings when upgrading the firmware through the Administration -> Firmware Upgrade web interface.
Pressing the reset button while booting (see the Reset Button section below for ASUS reset button quirks).
Using telnet enter erase nvram command
Download this file pack which includes the necessary tools required for the procedure and unrar it. The File pack contains both wl500g-clear-nvram.trx and the wl500g-recover.trx utilities.
If using the #5 procedure, do the following:
Using the Firmware Restoration utility or TFTP, first put the device into restore mode by pressing and holding the black reset button WHILE plugging the power in. The power LED should continuously flash.
Set your network adapter to a static IP of 192.168.1.10 and subnet mask of 255.255.255.0
Upload wl500g-clear-nvram.trx and wait for the transfer to complete. Unplug the power.
Put the device into restore mode once again by pressing and holding the black reset button WHILE plugging the power in.
Upload wl500g-recover.trx and wait for the transfer to complete, then unplug.
Put the device into restore mode once again by pressing and holding the black reset button WHILE plugging the power in.
Upload the either the stock firmware (which is found on the Asus website) or uploadmini_asus.trx file if you want to continue using DD-WRT. Wait for file transfer completion.
Unplug the power, but this time do NOT press the blackreset button. Just plug the power back into the unit and you're back in business