To reset Windows Server 2008 Password you need windows server 2008 R2 media. Power off your running Server and insert the media. Boot your server from Windows Server 2008 R2 media. Select Boot from CD/DVD
Select Next and Repair Your Computer
Tick Use recovery tools that can help fix problems starting windows. Select an operating system to repair. Click Next
Select and Click Command Prompt
Find the drive where your OS is installed, it may be C, D or E (on my system it is E drive).
Change your directory to c:\windows\system32\
Type
Move utilman.exe utilman.exe.old
Or
ren Utilman.exe Utilman.exe.old
And
Copy cmd.exe utilman.exe
Exit Command prompt and Press reset.
When you are on logon screen Press Windows Key + U or this icon
Type net user administrator Password123
Close Command prompt and log back on.
And it would allow you to log on and reset the password again if required. We are nearly there only few more steps to conquer. We need to delete utilman.exe and rename back utilman.exe.old to utilman.exe in C:\windows\system32 folder.