Make a copy of the new made layer and Hide the next effects: Drop Shadow, Gradient (with the right mouse’s button directed to the effect on the layers’ panel)

The Drop Shadow layer may be corrected with the Eraser Tool (E)
Apply the following filter to copies layer.
Blending Options>Stroke

Make visible again the original layer we made a copy of it:

We have to represent now a part of the button, using the Ellipse Tool (U)

The layer’s parameters:
Blending Options>Gradient Overlay