It is not a good idea (it's non standard, you can use a progress dialog or the status bar of VS instead), but if you really want you can try the following approach:
1) Get the CommandBar that has the button
2) Get the CommandBarControl in the CommandBar.Controls collection
3) Cast the CommandBarControl to CommandBarButton
4) Use the CommandBarButton.Picture and CommandBarButton.Mask properties. See section #2 of my article:
HOWTO: Creating custom pictures for Visual Studio .NET add-ins commands, buttons and toolwindows.