How to reset oil life system on 2012 Ford F-150 XLT?

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From your owners manual in the Instrument Cluster Section:
http://www.fordservicecontent.com/Ford_Content/catalog/owner_guides/12f12og1e.pdf

OIL LIFE

This displays the remaining oil life.
An oil change is required whenever indicated by the message center and
according to the recommended maintenance schedule. USE ONLY
RECOMMENDED ENGINE OILS.

To reset the oil monitoring system to 100% after each oil change,
perform the following:
1. Press and release the SETUP button to display “OIL LIFE XXX%
HOLD RESET = NEW”.
2. Press and hold the RESET button for two seconds and release to reset
the oil life to 100%.
Note: To change oil life 100% value (if equipped with this feature) to
another value, proceed to Step 3.
3. Once “OIL LIFE SET TO XXX%” is displayed, release and press the
RESET button to change the Oil Life Start Value. Each release and press
will reduce the value by 10%....Show more