How to reverse a singly linked list using only two pointers?

Any alternative? No, this is as simple as it gets, and there’s no fundamentally-different way of doing it. This algorithm is already O(n) time, and you can’t get any faster than that, as you must modify every node.

It looks like your code is on the right track, but it’s not quite working in the form above. Here’s a working version:

#include <stdio.h>

typedef struct Node {
  char data;
  struct Node* next;
} Node;

void print_list(Node* root) {
  while (root) {
    printf("%c ", root->data);
    root = root->next;
  }
  printf("\n");
}

Node* reverse(Node* root) {
  Node* new_root = 0;
  while (root) {
    Node* next = root->next;
    root->next = new_root;
    new_root = root;
    root = next;
  }
  return new_root;
}

int main() {
  Node d = { 'd', 0 };
  Node c = { 'c', &d };
  Node b = { 'b', &c };
  Node a = { 'a', &b };

  Node* root = &a;
  print_list(root);
  root = reverse(root);
  print_list(root);

  return 0;
}