Currently it looks like:
System - Administration - Disk Utility
click the drive - unmount the drive - change label and you're done!
mount again and everything is fine beware don't change anything else or you can destroy all your data!
You can easily relabel your flash drive or your NTFS partition using gparted-partition manager.
Change the storage device to your Flash drive.A window will open,right click the partition and choose label to rename it.
Note: The arrow points to your storage device.By default it shows your harddisk paritions.Click there to change your storage device to your flash drive. Note: Right click on it and choose label and enter your new label there..
You can also check this link
For vfat (fat32) filesystem you can rename disk with:
If the filesystem is ntfs do:
Note: device should to be unmounted first.