Google has shown some nice ways that elevation effect are shown on Lollipop here.
android:elevation=\"2dp\"
for buttons,
an
Create a 9-patch image with stretchable patches defined on an image with shadow around it.

Add this 9-patch image as a background of your button with a padding so that the shadow is visible.
You can find some pre-defined 9-patch (.9.png) images here or here from where you can select, customize and copy to your project's drawable.