Louis,
To answer your original question, the ABOVE option measure the volume of subsurface earth between your reference elevation and the subject surface model above; the BELOW option measure the volume of air or water between your reference elevation and the surface below. To use the Surface Volume tool rather than the Polygon Volume tool, you need to use the BELOW option, and make sure that the only part of the surface below your reference plan is inside the lake... in other words there can't be areas of sub-water level elevation outside the lake in your overall surface.
-Cam