Yep, this is the sequence:
Press and hold the top button.
Press and release the bottom button (when you release the button the warning will clear and the red 'Warning' light on the top / left side of the dash will illuminate)
Release the top button.
For those folks who a 2010 or later, I believe you can use the button on the left handlebar (the screen toggle button) as the ‘top’ button in the above sequence but have not verified that for sure. I have an ’08 and do not have that display sequence switch there.
This works for any warning the system displays (not errors, just warnings). They are cleared one at a time and the button pressing sequence must be used each time the bike is started to clear all warnings. For example, you can clear the low fuel warning using the above sequence and it will stay clear of the LCD readout until the next time you start the bike (or fill the fuel tank of course).
Brian
I didn't know you could clear them, lol