When I got my Grande Punto I read about various "tricks" to reset the service light, none of which worked. So I bought a specific Alfa/Fiat service reset tool which plugs into the OBD socket, which worked fine.
It also supports the new 500 so if you're ever over in Glasgow with the car just drop me a PM.
A similar tool to the one I got is ebay # 122081705782 .
<edit> Actually the one on ebay says it only supports the Fiat 500 from 2007-2010 so maybe it doesn't work on the latest 500's. Maybe
http://www.multiecuscan.net would be the way to go if you have suitable cables/laptop.