I have a 2008 LR2, justed changed the Power steering pump, however I have a lot of air in the Reservoir. When I start the engine and turn the wheel left and right the oil drains out of the Reservoir then when I turn off the engine the oil returns to the reservoir in a few minutes to the same level it was previous.

Any suggestions on how to "bleed" out the AIR?

 

Does it have a rack & pinion system ?, should be a bleed valve/screw somewhere.

 

Explain exactly what you did.

The rack and pinion on another car I am familiar with is (LR3/Discovery3)

>Pull the non pressure hose at the rack to drain all fluid if changing
>reconnect hose
>refill reservoir to max line
>start car
>turn steering wheel to left lock
>turn steering wheel to right lock
>shut off car
>check level
>repeat a few more times

If you replaced the pump I would imagine you'd try and prime it before you hooked everything up.

What I imagine you did was just not do it fully or not do it enough times to bleed all the air. YMMV