This circuit uses two ICs, including a 555 timer IC, to create a simple LED chaser. The 555 timer IC is configured as an astable multivibrator to generate pulses that drive a Johnson decade counter IC. The counter IC sequentially lights up the LEDs such that each LED remains on for 1 second before the next one turns on, creating a running light effect. A variable resistor can be adjusted to control the speed of the LED chasing by changing the frequency of the pulses from the 555 timer.