Cutting and pasting is probably the easiest method, although dragging and dropping works also. To cut and paste, in the List View select the node you wish to move, right-click your mouse over top of it and choose 'Cut'. Move to the location you wish to move your node to and right-click followed by 'Paste'. You can paste either in the white space of List View to make a top level node or on a Parent Node to move the node to the child level.

Note: You can also cut and paste using the Home tab of the ribbon at the top of your screen.