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Is the LED all the way to the left also lit? What brand water heater is this?
Ok, the error sequence you describe indicates an internal problem with the gas control. It's failing the start up self test. The only fix is to replace the gas valve.
The valve itself costs ~$300 so if the heater is more than 8 years old it's not cost effective to replace it since the tank could leak at any time. The reset procedure is to cycle the power off then back on again. There is no fix for this error other than replacing the valve. If the heater is less than 6 years old it's probably under warranty.
Do you have any more questions?