How to truncate a foreign key constrained table?

Why doesn't a TRUNCATE on mygroup work? Even though I have ON DELETE CASCADE SET I get:

ERROR 1701 (42000): Cannot truncate a table referenced in a foreign key constraint (mytest.instance, CONSTRAINT instance_ibfk_1 FOREIGN KEY (GroupID) REFERENCES mytest.mygroup (ID))

drop database mytest;
create database mytest;
use mytest;

CREATE TABLE mygroup (
   ID    INT NOT NULL AUTO_INCREMENT PRIMARY KEY
) ENGINE=InnoDB;

CREATE TABLE instance (
   ID           INT NOT NULL AUTO_INCREMENT PRIMARY KEY,
   GroupID      INT NOT NULL,
   DateTime     DATETIME DEFAULT NULL,

   FOREIGN KEY  (GroupID) REFERENCES mygroup(ID) ON DELETE CASCADE,
   UNIQUE(GroupID)
) ENGINE=InnoDB;

You cannot TRUNCATE a table that has FK constraints applied on it (TRUNCATE is not the same as DELETE).

To work around this, use either of these solutions. Both present risks of damaging the data integrity.

Option 1:

1. Remove constraints
2. Perform TRUNCATE
3. Delete manually the rows that now have references to nowhere
4. Create constraints

Option 2: suggested by user447951 in their answer

SET FOREIGN_KEY_CHECKS = 0; 
TRUNCATE table $table_name; 
SET FOREIGN_KEY_CHECKS = 1;