Hmmm, if u had read the manual u'd know this is the multicolor LED of your IWSC (Intelligent Warning System Computer), it will diagnose different problems which u can solve with a mobile phone.

When it turns green it means you're running low on ur $ and need to call your banker to resolve the issue, if it turns blue it means you are depressed and need to call ur psy ASAP, if it turns pink it means your girlfriend is cheating on u so u might want to ring her now, if it turns yellow it means the sun is about to explode and you should call all your relatives, and finally when it turns red it means your bike is toast and you should call your mechanic, lol.

No seriously man, 1st time I see this, let's hope it never starts blinking!