Ringo is playing chase and tug with you. You already know that. If you want him to release it, the quickest way it a fair swap.
Don't chase him, don't tug with him, don't try to pull or pry it out of his mouth. Get a really good treat and show him the treat and give a command(ie. "drop it", or "release"). More than likely he will drop whatever in his mouth to get the treat.
Try it and see if it works. |