This is a simple 555 timer IC circuit that is able to power two strings of LEDs alternative.
Disco lights are mostly used in decoration made with colourful LEDs. For begginners, this is a compact circuit using a single chip IC. IC555 is connected here to form a multivibrator. The blinking speed can be easily adjusted by varying the preset 500kΩ. You can use any colour of LED.
Disco Lights with IC555 – [Link]