What Is Wong With My Light Script?

You can't set a variable directly to a property. You'll only receive the value of the property.

RedButton1 = game.Workspace.RedButton.PointLight.Enabled
print(RedButton1)				-- Output: "false" rather than the property name

while true do
	RedButton1 = true
	wait(1)
	RedButton1 = false
	wait(1)
end

To fix this, just have a variable of the object instead.

RedButton1 = game.Workspace.RedButton.PointLight
print(RedButton1)				-- Output: "PointLight"

while true do
	RedButton1.Enabled = true
	wait(1)
	RedButton1.Enabled = false
	wait(1)
end