Destroying a wasp nest
Sevin (carbaryl) is extremely toxic to wasps, hornets, and bees; however, for safety, you want to use something with instant knock down like gasoline, or any can of wasp and hornet killer (which contains petroleum distillates). Gasoline works great (always), but has obvious environmental and fire hazards, and it doesn't leave an insecticidal residue like a can of wasp and hornet killer does (which means if you missed some of the wasps they won't be killed by returning to the gasoline treated nest... unless you use like a gallon of gas).

Starting fluid (diethyl ether), acetone, paint thinner, diesel fuel, and even isopropyl alcohol will all provide a quick knock down, but again- they don't leave an insecticidal residue. Soapy water will also knock them down pretty quickly, but not as fast as the petrols. Also, as Ed Beal said, brake cleaner will knock them down quickly. There are generally two kinds of brake cleaner: petrol (like diethyl ether) and chlorinated (like tetrachloroethylene)... both work rapidly.

It's always best to apply pesticides to wasps' nests at night, but if you must use a flashlight or lantern to see, set the light down (illuminating the nest) at least 10 ft away from yourself (because wasps will fly toward the light).



With regard to organic pesticides and essential oils, there are basically two classes of essential oils, phenols and terpenes (incidentally, gasoline is composed of phenolic and terpenic molecules, too). Thyme oil, clove oil, and cinnamon oil are examples of phenolic oils while peppermint, lemon, and lavender are examples of terpenic essential oils that add a rapid stunning effect against most insects. Generally, a combination of phenolic and terpenic oils are chosen to give (many) organic insecticides a more rapid knock down (like 0.5% to 2% is common). Of the essential oils, thyme and lavender oil have fastest effect on wasps. Peppermint and clove would also be pretty fast. Lemongrass will encourage honey bees to nest, and (generally) discourage yellow jacket nesting... this is more of a pheromonal cue. Lavender oil may attract bumble bees, and peppermint oil may attract felines (it's true). I have found that thyme oil has a more calming effect on wasps while cinnamon oil has a provoking/enraging effect on wasps.

A light weight vegetable oil or mineral oil provides the final kill for organic insecticides (like 3% to 8% is common)- via suffocation... although lighter oils like capric acid (10 carbons), caprylic acid (8 carbons), and caproic acid (6 carbons) have a more rapid effect. Oils are suspended in water with soap or a surfactant like SLS (1% to 3% is common), which again, is an all-around insecticide. 

The only current examples of organic insecticides which leave a residue are naturally sourced pyrethrum, spinosad, neem oil, sesamin, bacteria, fungi, and extracts like abamectin. However, nicotine and ryanis/ryanodine (which no longer allowed by EPA) would also be considered organic insectides. I would not consider any of the current viral pesticides to be residual. Only pyrethrum (aka chrysanthemum extract) would be a suitable choice for an organic, residual wasp killer.