Nocebo said:
Press the holster weapon button. It won't holster your weapon when you've got an arrow drawn it will instead just put your bow back in neutral. Happy hunting! ;D
Awesome, I will have to remember this. I found that pressing a weapon hotkey would work, but hotkeys (1-9?) delete themselves if you're switching back and forth between a bow and a sword + shield combo. I'm not even positive there's a way to hotkey a dual weapon combination, but I just remember that hotkeys kept deleting themselves.
Now that I am pretty much exclusively using spells + a bow, I have a bunch of spells and a bow bound, and I can use hotkeys to switch spells around pretty easily. The bow never seems to get unbound now.
Pressing a hotkey twice puts the spell in both hands.
At any rate, pressing a weapon hotkey or firing into the ground was the only way I knew to release it. It was funny when I asked someone on Steam about it since they were using a controller and didn't realize you could pull the arrow back and hold the shot. I guess the controller binding doesn't let you hold?
Also I wish there was some kind of crazy one-handed bow or some way I could magic while keeping the bow ready, but that's no big deal.