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So you want two alternating LEDs, where #1 is on for 5 sec while #2 is off; and then #1 is off while #2 is on for 3 sec? (Wig-Wag)?
If so, I would use a 555 timer with a 5/3 duty cycle.
How accurate must the time be?
What supply voltage?
How much current do the LEDs require?
Homework assignment?