You can use Application.DoEvents to give the UI thread a chance to catch up with itself.
Private Sub Button1_Click(sender As Object, e As EventArgs) Handles Button1.Click
For i As Integer = 1 To 5
System.Threading.Thread.Sleep(1000)
TextBox1.Text = "/"
Application.DoEvents()
System.Threading.Thread.Sleep(1000)
TextBox1.Text = "\"
Application.DoEvents()
Next
End Sub
I would refer you to
Is DoEvents Evil?[
^] or similar for the inevitable debate on whether that is good practice or not.