Do we have any OEM command to check LED status?
I suppose LED will only blink if there is a thermal or PSU event, which should have been flagged by other sensors.
The LED status is according to CPU overheat, fan failure, and power failure, which are logged in IPMI SEL log.
The LED blinking frequency can only show one state of those 3 events mentioned above, the details are all inside SEL log.