Replace the battery.
+1
Now that we know how old it is, it would be an excellent first step. It might not be the battery causing the problem, but it might be time for one anyway, and it certainly can't hurt. DO THIS FIRST.
After that....
However, the fact that the red light is now blinking and it does not "wake up" when you press the ignition key knob tends to point to:
1) The dreaded ignition wakeup switch (and you have a gen 1 bike which is more prone to that) (there are procedures elsewhere in this forum to test for that condition... maybe even a rock:) ).
2) Or a totally defective active Fob- which you can quickly eliminate that by attempted to use it passively by placing it correctly on the ignition area (SEE USER MANUAL), waiting 10 seconds, and pressing the knob to see if it wakes up.
3) Something far more serious with your electronics on the bike (blown ECU, bad connector, cut wire, etc). Let's save that thought as a last resort, because this would be quite rare. You have plenty of other homework first.