We're going to create a gradient inside the layer mask, so click on the layer mask in the layer dialog to make sure that it's the layer mask we're working on and not the layer.
?Now add a drop shadow, Filters, Light and Shadow, Drop Shadow, change the offsets to 0 and the opacity to 60 and click OK, it should now look like this:?
Almost done know, we just need to give the whole button an outline, and soften it a little. Select the layer named "ring", and then give it a drop shadow with the same settings as we used on the text.
If you want a large reflection, then create a gradient from almost the bottom of the duplicate button to the middle of the original button. I chose to create a large reflection.