My water heater went out and I have been trying to reignite it for 3 days now. It is the newer version so we have a red button with a twist around key with off on and pilot on it. It is saying to hold something for 1 minute. I have been holding the red button but it still is not working. Please help me out?

Defective thermocoupling. Replace. Thermocoupling is the probe in the pilot light flame, with wire going to gas valve. Wire looks like a very small tube but is really a wire.