Light Flow - LED Control v3.0.4 APK
Google play Store
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It allows the colors to flash in succession, so if you have a new SMS and a missed call it can alternate between the twocolors. You can also set which notification type has the highest priority and let it flash in just that one color.
There's different profiles for when your phone is charging and when it is running on battery. If you find it eats your battery too much for your liking then you can change settings to conserve the battery use.
What's in this version : (Updated : Jul 17, 2012)
Jelly bean fix - this hopefully fixes most of the issues
Gmail switching off fix
Fix for several crashes which playing notification sounds
Fix for motorola ICS calendar
Fix initialization settings so notifications are enabled correctly
Added
Breaking news
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Notifry
The new permissions are required for Jelly Bean to stop monitoring for missed calls from crashing.
Required Android O/S : 2.2+
Screenshots :
