With the gear lever in the 'up' position, a gear red light means 'landing gear not in agreement with gear lever position'. So put the gear lever back down again yes, but recycling ? I don't think so. There is obviously something wrong, and troubleshooting with people on board when it's not essential is not a good idea. Presumably when lever placed down, green re-appeared? That's all you need-leave alone and land back. If not, something is very wrong and I don't think repeated recycling is to be recommended.