T-SQL To Split Data From One Table Into Two Tables?

What's the best way to convert a large set of records from a simple schema where all fields are in one table to a schema where fields are split across two tables? The two table setup is necessary for reasons not worth getting into here.

Doing this via cursor is pretty straightforward, but is there a comparable set-based solution?

Here are sample create table commands. Obviously, the example below is simplified for discussion purposes.


-- One record from here will produce a record in TargetParentRecords and a record in TargetChildRecords for a total of two records.
CREATE TABLE OriginalSingleTableRecords (
ID INT IDENTITY (1, 1) NOT NULL,

ColumnA VARCHAR(100) NOT NULL,
ColumnB VARCHAR(100) NOT NULL,

CONSTRAINT PK_OriginalSingleTableRecords PRIMARY KEY CLUSTERED (ID)
)

CREATE TABLE TargetParentRecords (
ParentID INT IDENTITY (1, 1) NOT NULL,

ColumnA VARCHAR(100) NOT NULL,

CONSTRAINT PK_TargetParentRecords PRIMARY KEY CLUSTERED (ParentID)
)

-- Each row in this table must link to a TargetParentRecords row
CREATE TABLE TargetChildRecords (
ID INT IDENTITY (1, 1) NOT NULL,

ParentID INT NOT NULL, -- References TargetParentRecords.ParentID
ColumnB VARCHAR(100) NOT NULL,

CONSTRAINT PK_TargetChildRecords PRIMARY KEY CLUSTERED (ID)
)