Usually, on Watch, go to Settings, General, Reset.

I’ve basically left mine off of the charger and will wait until the patch comes out. I’ve tried the recommendations that people have posted about unpairing and setting it up as a new watch with no complications. it’s still doing a rapid drain. Really surprised that this one got past apples QA team when testing the final release.

On your iPhone, open Watch app. Click on General and scroll down to bottom to diagnostic logs. Click. If there are problems with your watch, this is where the information is written that developers want to access. This comes from years of being a tech analyst. lol. Open one. You can see at the top of the log that it is on 10.1 and the build should be (21S67). This is the same bug that was in 10.1 beta two that was patched in 10.1 beta three. My guess is they forgot to patch the release candidate.