I have a few kegs of the same package in /usr/local/Cellar/libfoo like /usr/local/Cellar/libfoo/1.0.1, /usr/local/Cellar/libfoo/HEAD a
The usage info:
Usage: brew switch
Example:
brew switch mysql 5.5.29
You can find the versions installed on your system with info.
brew info mysql
And to see the available versions to install, you can provide a dud version number, as brew will helpfully respond with the available version numbers:
brew switch mysql 0
Update (15.10.2014):
The brew versions command has been removed from brew, but, if you do wish to use this command first run brew tap homebrew/boneyard.
The recommended way to install an old version is to install from the homebrew/versions repo as follows:
$ brew tap homebrew/versions
$ brew install mysql55
For detailed info on all the ways to install an older version of a formula read this answer.