Option, which is available with the ribbon menu of the library.
This can be achieved using below, by using the NavigateHttpFolder function in the core.js
NavigateHttpFolder('http:\u002f\u002fServerName:portno\u002fsitename\u002fdoclibraryname','_blank');
This method takes hex encoded URL and frameTarget as the parameters.
It worked for SharePoint 2010 and MOSS 2007 in IE8 and Firefox browsers.