For me it depends on whether they're actually a sexual predator or someone that got involved with a person that wasn't quite eighteen yet. I don't believe the latter should even be labeled "sex offender" because it's an insult to those who have actually been raped. Unless they can determine that the recipient of "statutory rape" was forced or unable to consent (aka too young or ill-informed to understand what sex was, unconscious, lacking mental capacity to truly consent) , it should not be placed in the same category as real rape.
While I was visiting my mother I found a letter in her mailbox informing that a sexual offender was living ten houses down. The charge was "carnal knowledge of a minor", which under the state penal code meant he had CONSENSUAL sex with someone under the age of eighteen. I looked it up because I wanted to be certain he wasn't a rapist and if he had been, I would have done everything in my power to have him banned from the neighborhood before returning home. It's a shame that this guy is being put under the same category as someone that held someone at gunpoint or physically restrained them or drugged them. It's simply not the same thing.
That being said, I don't believe rapists and child molesters should EVER be released from imprisonment, unless they are castrated before release. It's an unforgivable crime that can't be committed by accident. People can accidentally kill other people in various ways, but it's impossible to "accidentally" hold someone down and stick it to them or slip drugs into their food or drink and mount them while they are unconscious.
Rape is never an accident, it is deliberately forcing sexual acts on another person. The only case in which I could believe someone "didn't mean to" rape another person would be if the assailant were mentally handicapped and unable to understand that their victim wasn't willing. Even then, they should not be allowed freedom (unless we were to start a remote colony far away from civilization for rapists and molesters to live), because innocent people shouldn't have to pay for their violence and/or lack of self control.