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For SQLServer, you should be able to accomplish something similar using the backup and restore features in Microsoft SQL Server Management Studio. Right click on the database and hover over "Tasks".
At this writing, there is a known issue where the Postgres SSP db initialization scripts will sometimes fail, probably due to some sort of collision in a randomization function. This can usually be addressed by rolling back the database and restarting the app server. In some cases, though, the error will persist until the Postgres service is restarted. (Because of the need to rollback SSP-only db initialization, developers often take two database snapshots, one with uPortal-only db artifacts, then another once the SSP db has successfully initialized. This way, if the SSP db fails to initialize, you can reset the db without having to re-run an ant initdb on the uPortal source.)
If anything in it is incorrect or unclear, please leave a comment below.