In your example variable is a property and _variable is an instance variable. For simplicity sake we can say that by synthesizing you are essentially instructing that the property ( in our case variable) will use the instance variable ( in our case _variable) for storing and retrieving values. What you are really doing is instructing the compiler to create implementations that match the specification given in the property declaration.
The suggested way of releasing when you are using a property will be to just assign it nil. This would essentially release the object and also set the instance variable to nil instead of being a dangling pointer.
If you were not using property then you can call the release on the instance variable and then ideally you want to set it to nil.