Do you have the master cruise control switch off? Remember there is the little button on the bottom that turns the master cruise control on so that the set/coast-resume/acc buttons work. Make sure that is out and then the light should be off.
03 extended warranty till august this year, my cruise botton stuck too. Asked local dealer if it was covered, he could not find it listed in the computer items, and said they would have to "fix it, then call Honda for a yes or no answer. It is still at home, I can pull it apart if I decide to.
Here is FredH's fix for the reverse switch. The principle is the same for the cruise and most other switch's on the bike. I do these things myself as it is easier than leaving it for warranty. Although if covered they will replace it rather than clean it. http://www.pbase.com/fredharmon/reverseswitch
Here is the link to Fred's Photo Galleries, a bunch of great information.