If anyone would like a PDF of this manual for further reading, PM me with an email address.
Copied directly from the manual on my old 2000 2.5RS:
The status indicator/Valet button
HS1004BB
The Status Indicator is a high intensity warning light, located on the
dash to the left of the steering wheel. The Status Indicator displays a
visual indication of the security system’s status while creating a powerful
theft deterrent.
LED status
Off: System is disarmed.
Double-Flash: System is in valet mode.
Steady Flash: System is armed.
Fast Flash: System has been triggered.
On: System is in pre-arm state (and will arm when all doors are
closed).
n The valet button (built into the status indicator)
The Valet Button is used to engage Valet Mode (see “Valet mode”
Section). In Valet Mode, the security system will not arm, through the
siren will chirp and keyless entry features will function when the security
system is disarmed.