The hip is the most dynamic joint in the body. It has a (potential) range of motion that surpasses any other joint in the body (the shoulder being a close second). So hip flexibility is a complex thing that requires a lot of attention and consistency. There are also MANY muscles in the hip joints that need to be stretched so that the whole joint is evenly flexible throughout its full range of motion, and many tendons/ligaments that, while they don't tend to "stretch" per se (and shouldn't be stretched, actually), do need to be "loosened" to gain flexibility. "Loosening" of these tendons/ligaments is more a function of letting your body learn to relax when muscle fibers are stretching; basically you are acclimating your body to a broader range of motion. Relaxation and alignment are key to gaining flexibility for anything. In my first "Stretching for Parkour" article I describe this in more detail and it's worth a read if you are new to regular flexibility training.
Dynamic stretching and splits are the best options for what you're looking for, as have been mentioned. I am working on a stretching article that deals with training for splits, but it likely won't be ready until late spring.
In a nutshell:
For (front) splits:
1. Warm up the body thoroughly.
2. Warm up/lubricate the hip joints by doing pelvic circles and some easy leg swings/leg circles. You should be wearing warmup clothes that cover your whole body and will keep your body heat in, as static stretching cools the body relatively quickly.
3. Find a straight line on the ground to check your alignment front-to-back. Your legs should be in line with this line when you drop into your "pre-splits stretches."
4. Go into a deep lunge/hip flexor stretch.
Fig. 1Use your hands on the ground or on parallettes or yoga blocks to help support where your body is willing to go. Be sure to keep the back knee as straight as it's willing to go, without locking the knee or tensing up. Keep the front foot pointing forward and the front shin straight up and down (don't let the front knee go out over the toes). Let the pelvis be heavy, allowing gravity to help you. Hold the upper body erect. Relax into the stretch for at least 30 seconds. Stop if you feel tingling or major discomfort in the joints. 30 seconds may be a goal you will need to work up to. Listen to your body. Make sure your iliac crest bones are like headlights pointing straight ahead, make sure you aren't twisting at the waist. You will feel the stretch deep in your hip sockets and also along the front of the hip and thigh in your back leg. You may also feel a stretch in the top of the hamstring/bottom of the glutes in your front leg.
5. As this stretch becomes more comfortable, you may want to flip the toes down on the back leg, so the top of the foot is resting against the floor.
Like this.You will also be able to inch that back leg further back as you gain more flexibility.
6. Walk the hands back, bending the back knee and straightening the front leg as straight as it's willing to go. This will move the stretch to your front hamstring. It's okay if the toes of your front foot raise up off the floor as you do this, and it's easier to do if the top of your back foot is on the ground, I think, but go with what's comfortable for your body. You should be in
this position EXCEPT your hands should NOT be above the knee on the front leg. They should be on the ground, or on your parallettes or yoga blocks to support your stretch. Relax into the stretch, gradually moving your hips down and back toward your back heel as the front hamstring lengthens. Use your hands on the ground wherever they need to be to support your body. Be sure your hips aren't twisting, be mindful of the "headlights" analogy you used in the previous stretch. Relax into the stretch for at least 30 seconds, or until your body communicates to you that it's had enough.
7. Walk the hands forward, bringing your torso with you. Keep the front leg straight, letting it slide along the floor as your back leg straightens. Use your yoga blocks or parallettes to help you. What you are doing here is moving into YOUR body's splits, wherever it happens to be for the time being. Do NOT force it, but let your pelvis be heavy as it was in the first stretch, using gravity to help you. Allow ALL the muscles to relax and lengthen, to take the strain off of the tendons and ligaments. If you feel strong discomfort, STOP. There is no rush and forcing a split will do more harm than good. Be sure to check your "headlights." Are they straight ahead?
8. Repeat steps 4-7 with other leg.
For (side) splits:
1. Warm up the body thoroughly.
2. Warm up/lubricate the hip joints by doing pelvic circles and leg swings.
3. Find a straight line on the ground to check your alignment side-to side. Your legs should be in line with this line when you drop into your "pre-splits stretches."
4. Stand with the feet and legs together. Your legs should be in parallel position, as if you had skis on. Now, pretend you have a cast on your whole leg and can only move it at the hip joint. "roll" or "spin" the thighs away from one another like a wringer on an old fashioned washing machine. You should be engaging your glute muscles to do this. Keep your heels together but let your feet fan out in the direction each leg is rotating. Your feet will make a "V". Go until your legs tell you they have reached their maximum comfortable rotation. YOUR KNEECAPS SHOULD BE POINTING IN THE SAME DIRECTION AS THE MIDDLE TOE OF EACH FOOT. Very often people will rotate their feet very far, but their knees will still be pointing forward and this torques the knee in a way it was not designed to move. Pay very close attention to the alignment of the knees and feet. They should move as one piece. This is critical throughout this whole stretch series.
You are now in what's known as "First position" in ballet.
Fig. 1. Note the alignment of the knees and feet. Very important.Now, keep this rotation, but step the feet apart a little more than shoulder width. You will be in what's known as "second position" in ballet.
Fig. 2 Again, knees and feet=critical.
5. Maintaining an upright torso, and proper leg rotation (knees and middle toes aligned, using the glutes to maintain), bend the legs into a deep squat.
Fig. 3 (right-hand photo)Once you have reached the bottom of your squat, you can put your hands on your thighs to support your stretch. Apply gentle pressure to the thighs just above the knees, pressing them back and open. Relax into the stretch, letting your pelvis be heavy and deepening the stretch as your body invites you. Be sure you aren't sticking out your butt. You should go down into this stretch like a piece of bread going down into a toaster. Don't burn your toast!
6. As this becomes more comfortable, you can deepen the stretch and incorporate other parts of the hip by lowering your pelvis toward the ground and straightening one leg to the side. Be sure you are keeping an eye on the all-important knee-toe alignment (I cannot stress this enough). Use your hands and arms to support your stretch, using blocks or parallettes, or a chair, to help you as you need. Be sure to "not burn your toast;" keep the pelvis and torso in alignment. You should look more or less like
this EXCEPT the foot of your straight leg should not be on the ground. You should just be resting the heel of that leg on the ground, letting the knee and toes point straight up. Again, this is the "knee-toe relationship" that we are trying to maintain. Essentially you are still in that ballet second position, in terms of body planes. Relax into the stretch, 30 seconds if you can; let the pelvis be heavy.
7. Repeat on other leg.
8. As this becomes more comfortable, you can try walking into the side splits from the side lunge, as you did with the front splits, above. I have found it helpful to use a bar overhead from which to "hang" into the side splits rather than trying to support it with my hands on the ground.
9. You can do
this stretch as a variation, with the foot placement exactly as it is in the picture, but this will move the stretch on the extended leg to the inner thigh. Helpful for box splits and also for general hip mobility. Just be sure you are either doing one or the other (heel on the ground only, or whole foot on the ground), mindfully, and not some wacky position in between. With either variation, you do not need to hold your hands in the Shaolin pose. Use your hands and arms to support your stretch however you need to; using blocks, a bar, parallettes, etc. as needed.
Yoga poses that will help (beginner through advanced are included here; choose the ones that work for your body and your level; read the descriptions and contraindications carefully for each pose to be sure they are right for you):
For the groinFor the hipsNote that some of these are for strengthening, some are for stretching. Read the descriptions carefully and choose what you need.
Dynamic stretching/range of motion.
Note: These are ballet exercises. The knee-toe relationship I described above is *critical* for these. It is all in the glutes and the core. The first exercise, plies, is the most basic. For your purposes I would stick to doing them only in first and second position. You do not need to do all the "foo-foo" arm stuff and whatnot (unless you want to). Work on making them smooth--like sitting on a marshmallow--and on maintaining that turnout (knee-toe rotation) throughout. Keep the torso erect and engaged. NB: this video is from a pre-professional level class.
PlieThe second set, rond de jambe, requires a lot of concentration and coordination. The stuff they do at the end is VERY advanced so you can skip it if you like. However I would encourage you to try it (you don't have to go as high as they go). Just be sure you are maintaining turnout 100% of the time and have your core/torso engaged 110% of the time.

This is good for strengthening and stretching at the same time.
Rond de jambe a terreHopefully this will serve as a starting point. Go slow, you don't have to do it all at once; just like everything else in parkour, the key is slow progression. Listen to your body, relax, force nothing. Relaxation and alignment=critical.
Good luck! Let me know if you have other questions.