Vanilla style to keep things as simple as possible.
You can always start with this one and style it according to your preferred design and add in stuff that you need along the development process.
To make things a little more lively and interactive, you can apply 2 similar interactions into it with different smoothing percentage.
Mouse over the button and see the text and the button moving at different speed.
If you would like to make it a little more fancy, you can add in all sort of style and additional animations into the magnetic button. It's all up to individual preference and how you match it with your project's design concept.
Here's a ghosting style magnetic button that will leave trails while moving around.
Mouse over the button to see the ghosting effect. Try moving your cursor faster and slower to see the differences.