As mentionned, the light comes on as a warning to change your oil.
Searching the net, I found this procedure to reset the light without having to go to the dealer or have any fancy tools (worked on my 1999 V70)
1) Push and hold the trip meter reset buttonb (the one next to the odometer - not the trip computer one)
2) While holding down the reset button, turn the ignition switch to position I and then position II
3) After about 5 seconds, the SER-VICE light will begin to flash
6) After the second flash (or more likely after at least 2 flashes), release the reset button
7) Turn off the ignition and then start the S/V70 normally and the SER-VICE light should be reset (back to normal).
Hope this helps,
Mike
p.s. if anybody cares or is curious I found this on a posting in alt.autos.volvo by Cameron Price
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