Basically, cool your beer as cold as possible when fermentation is complete, before you bottle or keg. It's done to drop most of the yeast out of suspension and give you a clearer beer. I don't think it's an exact science, but I usually do it for about 2 days. I put the fermenter in an ice bath. I use bottles of salt water that have been in the freezer because it can get much colder than fresh water without freezing.