I would advise running the OneDrive Troubleshooter first. You can download that from here.

If you are still having issues or would still like to perform a reset then you can issue a set of commands in an elevated command prompt. SkyDrive.exe exists in the system32 folder (Don't worry about the name; It's still SkyDrive even if you're using OneDrive from the Update 1)

1. SkyDrive /shutdown
2. SkyDrive /reset
3. SkyDrive

Please bear in mind that none of these steps will affect your files.

Source

I would advise running the OneDrive Troubleshooter first. You can download that from here.

If you are still having issues or would still like to perform a reset then you can issue a set of commands in an elevated command prompt. SkyDrive.exe exists in the system32 folder (Don't worry about the name; It's still SkyDrive even if you're using OneDrive included in the 8.1 Update 1)

1. SkyDrive /shutdown
2. SkyDrive /reset
3. SkyDrive

Please bear in mind that none of these steps will affect your files but should resolve the sync functionality you're having issues with.

Source