just break, cut it off
hacksaw, twist it til it breaks, etc
new chains are only about $15
the other question is, what else got rusted or full of water?
bearings.. etc;/...
first roll the bike and see if everything else is working, is it worth @#$ing with at all?
does it shift gears, brakes, wheels work?
most likely prob is that derailleurs are rusted stuck
you may be able to move them and they will be ok with oil etc
if things work, then get a new chain
and a chain tool to put it on with
later you may experience early failure of wheel bearings if they got rusted and you ride it anyway
or cables may become sticky with rust inside and not work well
wle