Hello nyranger,
If you just made your S-Corp election effective last year (i.e. last year was the first year you filed as a S-Corp), you generally can't undo that election for 5 years. To get the IRS to approve you to change within 5 years requires a Private Letter Ruling which involves hiring a tax attorney and spending a significant amount of money for legal fees and IRS user fees.
If you really don't want to do business as the S-Corp anymore, you could look into closing that business and opening a new entity. However, this could involve a lot of work also - if you had contracts, leases, etc. under the old business they would all have to be re-created. Also, closing the S-Corp could have significant tax implications.
I would take a hard look at the costs and benefits of both options as well as simply leaving the S-Corp in place for 4 more years. You may find that leaving things as they are is the least expensive choice.
Either way, I would highly recommend contacting a competent tax advisor and business attorney to evaluate the situation (and make whatever changes you decide upon), as well as to do some planning so you do not find yourself down the road with a similar issue.
Best of luck to you!
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