Never and never try to rectify the dislocation of the child's elbow at home yourself. Rather, consult a good Ortho specialist and act as per his advise.
The first thing to do is to take the child to the doctor. If elbow needs to be reset then the doctor should do it, also the doctor may need to put the arm in a cast.
Take the child to a physician. A true dislocation will not heal on it's own and serious problems can arise from neglecting medical care for this condition. Don't delay seeking treatment.
You will need to take the child to the doctor. The doctor would know how to help the child out. The doctor should have had the child in some kind of splint to keep it from moving.