At 0623 Mountain time, a Swearingen SA226TC twin-engine turbo-prop sustained an in-flight failure of an elevator control cable during initial takeoff climb. Visual conditions prevailed; the Airline Transport pilot, who was the sole occupant, was not injured. At rotation speed, the pilot pulled back on the yoke and the aircraft left the ground. At this point, yoke came back all the way back and the aircraft quickly began to pitch upward. The pilot reported that moving the yoke forward had no effect and it felt disconnected from the elevators. The pilot quickly began to trim nose down and reduced power to stop excessive upward pitch. The pilot executed a gradual descent to the runway and landed uneventfully. Examination of the airplane revealed that the elevator down cable was improperly routed at the pulley in the vertical stab, just below the elevator bell crank. This caused the cable to wear against a guide until the cable failed.