It's reverb. Also, roll back your mids and bass a bit(not too much; around 6 o'clock), and boost your treble.
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Light overdrive, middle of the road mids and bass, slight boost on the trebles, bridge humbucker on a nice smooth guitar like a Les Paul.
Thanks a lot guys. So this is on the clean channel...I have a Peavey ValveKing, so you reckon the bright switch on the clean channel will help if it's engaged?
A metal player with a valveking? that's a new one.

But I have a valveking so I have a solid idea of how to get it.

The bright switch will pribably get a little too bright, I'd wind up the presence a bit and roll off the resonance. Bit of reverb (about 12 o'clock) mids and bass at about 11 o'clock and treble at about 3 o'clock. If you have a nice overdrive pedal like a tubescreamer or something similar, use a little light crunch. If not, try those setting son the dirty channel, with just enough gain to crunch it up a little bit.
lol, 112 mate. No Prescence/Resonance knob.

Edit: Just tried those settings on the dirty channel without gain boost on. It's pretty close, maybe a bit flubby, but I can EQ that out in the studio. Thanks!
lol ahhh ok, damn, cos that would have been great.

Umm in that case, just give it a little extra treble. The bright switch will just make it too twangy.