"We care about Stevie and wish nothing but the best for him," Cowboys coach Travis Ford said in the statement. "We want him to find success in his future, [wherever] that may be."
Clark was arrested at 12:46 a.m. Sunday and subsequently released after posting bond.
Stillwater police responded to a call about a man "urinating out of a vehicle window," according to The Oklahoman.
The weekend incident was Clark's second arrest this year. He was arrested Jan. 1 on suspicion of possessing marijuana after a traffic stop for a seatbelt violation in Edmond, Okla., about an hour from the campus in Stillwater.
Clark, who averaged 5.3 points and 2.7 assists in 16 games, was suspended for four games at the start of the season for violating team rules. He missed a fifth game after the January arrest.
This is another troubling development for an Oklahoma State squad that looked like a potential Big 12 champ and Final Four contender entering the season.
The No. 19 Pokes have lost three of their past four games. They are three games behind first-place Kansas in the Big 12 as they prepare to face No. 16 Iowa State on Monday night in Stillwater (9 p.m. ET, ESPN).
In late December, center Michael Cobbins suffered a season-ending Achilles injury. Star Marcus Smart is just 13-for-53 (25 percent) from the field in the team's past four games. And now Clark is no longer a member of the team.