It's the "MEM" key at the very bottom right. I had the very same question and just found the answer at http://www.epinions.com/content_67070561924
(The last paragraph of the review gives the answer.)
When you hear the beep, press and release the MEM key. The 2nd caller's phone number appears on the screen to indicate you've been connected to the 2nd caller while the first caller is put on hold.
To get back to the first caller, press and release MEM again: the first caller's number will appear on the screen.
I don't know if there's a way to see who the 2nd caller is without actually connecting to them.
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