Found this here: http://www.google.com/support/forum/p/Chrome/thread?tid=075667b28fed25e4&hl=en
- Click start menu
- Click “Run…”
- Enter “msconfig” and hit return
- Click “Startup” tab
- Scroll down to “GoogleUpdate”
- Uncheck the box
- Click “Apply”
I cannot believe there is no option in chrome browser. Looks it is still beta.