Has anyone ever heard or is familiar with a program that offers early release from Active Duty for early entrance with a reserve unit?

Don't do it, re-asses your thoughts on why you went active component, go back to school, what can the Reserves offer you that Active Duty can't. Good order and discipline is everywhere you go, so rethink your priorities. Your pay and benefits surely will not be the same.

I have heard of early release for acceptance to college. It is actually a Chapter but I do not know what number the Chapter is. I do recall there was a period here recently that allowed service members an early release. I think it was part of the draw down.

It's called "Palace Chase" in the Air Force. You have to see an in-service recruiter. You'll need to have a valid reason for not completing your Active Duty contract, but they can find you a reserve position. They'll take the remain portion of your active contract (say you've done two years on a four year contract) and they double it for the reserve (you'd then have to commit to four years in the reserve).