For a start the current rating of the LEDs is unknown, most will handle 10 mA*. lets use a 5V supply, the LEDs will drop about 2 V, so feed both lines from the 5V supply via a (5-2)/.01 = 300 ohm resistor. Now connect two NPN transistors, collectors to each resistor/LED junction, emitters to earth, leaving the bases free. Now when one transistor is on, it shorts out one LED and makes a current path for the other. Feed the output from a multivibrator or a square wave from your micro into the bases via a 4K7 resistor with each base getting an out of phase signal. i.e. when one output goes positive the other goes to earth.
* Check this with manufacturer
Frank
Frank