Animated Button

Step One

Create a new document. 50x50 with a transparent background.

Step Two

Press D to reset colors. Select the rounded rectangle tool and go to the options bar and set radius to about 10 px

Step Three

Make the shape filling up the whole of the 50 px box.

Step Four

Go to Layer -> Layer Style -> Bevel and Emboss and use these settings.

Select Contour, uncheck 'Anti-aliased' and change contour to 'Cone-Inverted'. Now go to Inner Glow and use these settings.

And lastly, go to color overlay and change it to whatever color you like.

It should now look like this:

Step Five

First, you create a new layer and select the text tool. Drag a box of where you want your text and type in your text and press the tick button on the options bar.

Step Six

Go to Layer -> Layer Styles -> Drop Shadow and use these settings.

Then go to Bevel and Emboss and use these settings.

And finally, go to Color Overlay and choose the color you want the font to be.

You should have something like this:

Step Seven

Click this button, located on the left bar to go to ImageReady.

Step Eight

Go to Window -> Animation and you should see a window open up at the bottom if it is not already open.

Step Nine

Click on the animation window to duplicate current frame and having the new frame selected, go back to Photoshop.

Step Ten

In Photoshop, select the button layer and go to Layer -> Layer Styles -> Bevel and Emboss and change the Direction of the bevel to down. Click OK and return to Imageready.

Step Eleven

Select the text layer in the layers palette and hit 'v' and move text until satisfied.

Step Twelve

Now in the animation window, change the duration of each frame by clicking 0 sec. and changing the numbers. I set the first frame to 1 second, and the second frame to 0.5 seconds. Now hit the play button and see if that's what you want. Now, in ImageReady, go to File -> Save Optimized and save file as a .GIF.
This should be your final result: