Back in the day, the running-along-side method was the go-to technique to teach your kid to ride a bike. It's probably how you learned. It still works. But one big thing to keep in mind–DO NOT tell your kid you're not going to let go and then let go. If they crash, you break their trust and their confidence. However, there’s a newer method on the block. This method teaches kids to master a few different skills at a time, so they aren't overwhelmed. It might help you from going crazy too. Of course, there's going to be a few bumps and bruises along the way, so have plenty of fun cartoon Band-Aids on hand. The boring beige ones just won't cut it.
A couple extra little notes: Don't go from two training-wheels to one as an in-between step. One training wheel just makes the bike unstable and the key to teaching a child to ride is balance. There's no right age to teach a child to ride. Consider instead their interest in learning, how coordinated they are and their size. Children who are ready can usually skip, hop on one foot, and walk along a brick garden wall, parking-lot block or curb. Size-wise, kids with inseams of at least 17' means they can balance comfortably on a two-wheeler.