I thought the same procedure I use on my wife's '01 S60 would be the same as my newly aquired '02 V70. I just did an oil and filter change, and would like to clear this message.
Thanks in advance.

Here is one link. I Googled "V70 reset service light". If this doesn't work you can search for other hits.

http://www.matthewsvolvosite.com/reset.php

Thanks for the link, the procedure is indeed different from an '01 S60 and the '02 V70. I don't know if it has anything to do with the S60 not having a message display that reads out MPG, miles to empty, etc. like the V70 has.

The one that worked for me was this:
1. Press and hold the odometer reset button (the one on the left side)
2. Turn ignition key to run position. (don't start the engine)
3. After SRL flashes (airbag light goes out, 3-4 seconds), release the odometer
reset button.
4. Confirm by turning off key and then start the car.

Thanks,
JimLev