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Actually, all you have to do is press it to turn off traction control. Holding it for up to five seconds also turns off stabilitrak, if so equipped.

"To turn the system off,
press and release the TCS
button located on the
instrument panel.
This light will come on
steady when the traction
control system has
been turned off. This
light flashes when TCS
is active."

"You can turn StabiliTrak® off if you
ever need to using the TC (traction control) on/off
button. If you press and hold the TC button for
five seconds, the StabiliTrak® system and the traction
control system will turn off. When this is done, the STAB
SYS OFF message will be displayed on the DIC."