I've seen this simple circuit a few places, I'm not sure who the originator was. Probably been plagiarized by other web sites. So I built one to see how it works.
It's supposed to be somewhat of a schmit trigger but since the LED has very little voltage change as the current changes, the LEDs don't switch, both stay on in the critical area where there should be only one on. I think I'm gonna try putting some resistance in series with the left LED.
BTW, mine lights the left LED with high resistance, and the right with low resistance, so the left should be green, not red.
Also, the VR1 seems to want to be set to its maximum, so some resistance should be put in series with it. I'm using three 2N3904 NPNs for the transistors. Followups later with more info.