You could use map:
map (lambda t: (t[1], t[0]), mylist)
Or list comprehension:
[(t[1], t[0]) for t in mylist]
List comprehensions are preferred and supposedly much faster than map when lambda is needed, however note that list comprehension has a strict evaluation, that is it will be evaluated as soon as it gets bound to variable, if you’re worried about memory consumption use a generator instead:
g = ((t[1], t[0]) for t in mylist)
#call when you need a value
g.next()
There are some more details here: Python List Comprehension Vs. Map