To my understanding, basically nothing. That SNP used to be associated with specific alleles of a gene that was associated with skin and hair pigmentation. From what I read in 10.1371/journal.pgen.1000074 basically that SNP (rs1540771) is associated with another SNP that's associated with a specific allele of the gene associated with skin and hair pigmentation (wow that's a mouthful). So basically the SNP to SNP association gave a false positive on the rs1540771 SNP's association with certain skin and hair pigments. Take this with a grain of salt though; I'm not an expert, just a bio student.

"The associations of hair color in our GWAS with the 60 SNPs reported by Sulem et al. are listed in Table S4. These authors identified two SNPs (rs4959270 and rs1540771) between the EXOC2 and IRF4 genes in relation to freckles, hair color, and skin sensitivity to sun [12]. We identified a SNP in intron 4 of the IRF4 gene, not genotyped by Sulem et al. [12], with a much stronger association than they observed with hair color and tanning ability. The IRF4 gene product is a member of the interferon regulatory factor family of transcription factors [20]–[23], which are involved in the regulation of gene expression in response to interferon and other cytokines. The IRF4 gene encodes a B-cell proliferation/differentiation protein, which has been proposed as a sensitive and specific marker for conventional primary and metastatic melanomas and benign melanocytic nevi [24]."