Push Button Code Not Working?

Hey guys!
 

I am trying to use the on-board P1.1 button on the MSP430 F5529. However, for some reason the following code is not working correctly. What I am trying to do is to toggle the on-board LED at P1.0 using the on board push button at P1.1. What am I doing wrong? Do I have to debounce the push button somehow?

Here is the code:

#include <msp430.h>

int main(void)
{
	WDTCTL = WDTPW + WDTHOLD;                 // Stop watchdog timer
	P1DIR |= BIT0;                            // Set P1.0 to output direction
	P1REN |= BIT1; // P1.1 pullup

	while (1)                                 // Test P1.4
	{
		if (P1IN & BIT1)
		{
			P1OUT ^= BIT0;                        // if P1.4 set, set P1.0
		}
	}
}

Thank you!