Can't say I've seen a 'restart application' option in IIS. The easisest way is to remove the application then create it and apply within the application properties menu in IIS.
As another note I found some things on the web that should cause an application restart:
- The max compilation limit is reached (look for numRecompilesBeforeApprestart in machine.config)
- Physical application path of the web application has changed.
- Change in global.asax or one of the included files
- Change in machine.config
- Change in web.config in the app root
- Change inside bin directory or its subdirs
- A directory is renamed to bin, or bin is created
- Overwhelming change notifications ? too many files are changed too fast in one of content directories ? could happen if, for example, files are generated on the fly per request
- Change in the code-access security policy file
- The settings of various attributes in in machine.config affect the restart/shutdown of the worker process itself. However, if you use Windows 2003, and (by default) you are NOT using IIS5 isolation mode, is ignored. Instead, the settings in "Application Pools" in IIS manager is used.