"We are disappointed in this outcome, but our complete review and the final decision is in the best interest of the program," Stoops said in a prepared statement.
Jarboe, ranked 13th on ESPN's list of top high school players last season, was sentenced in May to two years' probation and 80 hours of community service for carrying a gun on the grounds of his high school in Decatur, Ga. An assistant principal caught him there with a pistol in his possession in the school parking lot.
Jarboe was initially charged with a felony, but his charges were reduced to a misdemeanor.
Earlier this week, Jarboe was the subject of a 74-second video posted on YouTube. Jarboe's obscenity-laced rap included references to shooting people and guns.
The Tulsa World reported that Stoops' decision came after he met Friday morning with Jarboe.
"We outlined for Josh the expectations we had for him when he arrived and unfortunately, those expectations have not been met," Stoops said. "Josh needs to learn from this experience. We hope he can move forward in a positive manner."
Jarboe, a 6-foot-3, 195-pounder, was one of the most heralded players in Oklahoma's 2008 recruiting class. He was ranked by ESPN as the nation's 10th-best wide receiver after producing 34 catches for 643 yards for Cedar Grove High School last season. He had 15 touchdown receptions on 92 catches in his high school career.
The Sooners' fall camp in preparation for the 2008 season begins Sunday in Norman, Okla.
Tim Griffin covers college sports for ESPN.com. He may be reached at firstname.lastname@example.org.