I'm referring to the Red Brake light that's on the dash.

When you set the emergency brake the light goes on and when you release the emergency brake the light goes off only if the emergency brake retracts high enough to push the button.

If this is the light you are talking about try pulling the emergency brake all the way to the dash. The button is under the dash at the top of the brake. It works just like a refrigerator light when you close the door.