Gen I or II, if all you have is Traction control, then yes just push the TC off button to turn off traction control. (Spinning tire symbol on button)
Gen I or II, if you have Advancetrac, then it works differently. Press the Advanctrac button once to turn Advancetrac off, but Traction Control will stay on. Press and hold the Advancetrac off button for a few seconds to turn traction control off.
You do understand that Advancetrac and Traction Control are two different things?
Traction Control keeps the rear wheels from spinning (much).
All LS's have at least Traction Control.
Advancetrac works very hard to keep the car moving in the direction that you are steering it in. It uses the brakes on all four wheels, not just the rear ones.
Advancetrac is an option that some LS's have.