1) Make a new document big enough to put the button on. Use any color you want for the background. I used #E7E8EA.
2) Select the . Make a new layer and now make the pill button shape:
You want to make sure the Fill Pixels Option is on:
3) You want to go to Select>Load Selection. Once you have loaded the selection for the pill layer we want to add Filter>Render>Clouds then right after that add Filter>Artisitic>Plastic Wrap and use these settings:
4) Duplicate the layer and set the blending mode to Hard Light.

Now press CNTRL+E to merge both the layers together.
5) Now press CNTRL+U and set these Hue Settings:
You can now deselect the pill if you havent already. Right click the layer and go to Blending Options. And all all these settings:
 
Now lets apply the final step to smooth out the edges. Go to Filter>Blur>Gaussian Blur:

There your done!
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