Renaming the startup disks shown during boot

I'm dual booting OS X (Lion) and Arch Linux, and when I hold down "option" during the boot process, I am presented with both of my startup disk options (i.e., OS X and Linux); however, they are named "IluvatarHD" and "Windows". Does anybody know of a way to rename the "Windows" option to something more accurate.

I assume this is on the Mac OS X side as nowhere on my Arch install is the label "Windows" applied.

In an ideal world, I would be able to change the disk icon as well...

NOTE: I've uninstalled refit as it's unnecessary once Arch has been installed and would rather keep using the Apple boot loader.

Any help would be appreciated!

Maybe I'm missing the subtleties here, but it should be as simple as:

diskutil rename /Volumes/oldvolumename newvolumename