Implements hook_language_switch_links_alter() - Alter language switch links.

gistfile1.php

<?php

/**
 * Implements hook_language_switch_links_alter().
 */
function mymodule_language_switch_links_alter(array &$links, $type, $path) {
  global $language;
  if ($type == LANGUAGE_TYPE_INTERFACE && isset($links[$language->language])) {
    foreach ($links as $langcode => &$link) {
      // If no translation exists, redirect to frontpage
      if (empty($link['href'])) {
        $link['href'] = '<front>';
      }
      // Change default link title
      $link['attributes']['title'] = t(
        "View this page in !language",
        array('!language' => $link['language']->name),
        array('langcode' => $link['language']->language)
      );
      $link['title'] = substr($link['language']->native, 0, 2);
    }
  }
}