I'm struggling with this problem too.
So far, I've got an expression for v in terms of sin(theta), which I derived from conservation of energy: v^2 = 3glsin(theta)
And I've got an expression for the velocity at the point where the string goes slack (I've called this v_f):
v_f^2 = glsin(theta).
But I'm going round in circles (no pun intended) trying to get a value or expression for sin(theta). Anyone had any luck?