One solution: drag the buzz icon to your extra labels area so it’s out of the way.
The second way is to scroll to the bottom, and the option is next to the other Gmail options.
Gmail view: standard | turn on chat | turn off buzz | older version | basic HTML Learn more
This is going to be deadly as more people start using it. I check it like I check my email. I have my gmail on my right monitor all day. My eye glances towards the inbox indicator once every minute at least.
NOT GOOD. But I can’t turn it off yet. It’s new and exciting.