When you release you need to convert the angular velocity to a linear one. The equation for that is:
linear = radius*angular
where angular is in radians.
Here's a complete calculation:
radius = distance(bar_contact_zone.x, bar_contact_zone.y, player.x, player.y)
angle_of_motion = angle(bar_contact_zone.x, bar_contact_zone.y, player.x, player.y) +bar_rotation*90
speed = radius*bar_turn_speed*pi/180
velocityX = speed*cos(angle_of_motion)
velocityY = speed*sin(angle_of_motion)