Every time I hold the button down and light the pilot light as soon as I let go of the button the pilot light goes out is it time for a new hot water system

You have to hold the pilot button down after you light it long enough for the flame to heat the thermocouple. Usually that's about 1 minute. If the pilot light won't stay lit the thermocouple may have to be replaced.

How long do you hold the button down before you let it go? The thermocouple must heat up before the contacts close and complete the circuit. The thermocouple may have to be moved closer to the pilot light to get more heat. If still no joiy then follow Harolds advice and replace it. Good luck, Tom