Creating animated "click here" web button

Start by creating a new file. Create a rounded rectangle shape using rounded rectangular shape tool.

Double click to open layer style window. Apply gradient overlay and stroke using following settings.

Create another rounded rectangle inside the previous one.
With direct selection tool select this rectangle, enable subtract from shape area from top bar and Alt+ Drag to create a duplicate path.

Change the layer mode to overlay.
Type "click here" on the button.
Create a pointer shape using custom shape tool.
Apply following layer style to the pointer.
Merge the button layers and apply drop shadow using following settings.
Duplicate it and scale it down. Hide the main button layer. Remove drop shadow from the reduce size button.
Create a duplicate of a pointer. Press Ctrl+U to open hue/saturation window. Adjust settings as shown.
Now open the animation window. Select first frame and position your elements in layer window as shown.
Duplicate first frame and position your elements in layer window as shown.
Duplicate second frame and position your elements in layer window as shown. At this frame you will hide the big button with shadow and unhide the small button. Also hide the main pointer and unhide the darker one.
Duplicate first frame and place it as 4th frame. Set delay time as shown in screen shots above.
Press Ctrl+Shift+Alt+S and output an animated GIF using following settings.