A little off normal diy topic, but it will be a diy repair.

On a Peugeot Speedfight 2 there are 4 warning lights below the speedo
console.

BLUE for Main beam on the left, then RED for low oil, then GREEN for
turn indicators but does anyone know what the RED one on the right is ?

I have a Haynes manual and all 3 Speedfight wiring diagrams only show
there to be the first 3 lights.

Now the problem is that this light has come on ... now when you turn
ignition away from it's normal running position, this light comes on.
If you remove the key .. the light stays on.

This would tend to suggest to me it's related to charging, but then
why would it stay on when key is removed ?

Anybody know what it's for and what is wrong that keeping it ON.

It's a 50cc water cooled engine, in case it's relevant.