There is another way to log out from that sandbox account without “Reset Content & Settings” . Just remove the files from the following path in your home directory :
~/Library/Application\ Support/iPhone\ Simulator/5.0/Library/com.apple.itunesstored
You may also need to restart the Simulator for the change to take effect.
This just removes the stored information about iTunes from Simulator. So it doesn’t delete any apps in the Simulator. It works cool 🙂