Find where you saved your first frame from the menu on the left hand side of the screen. When you have found your file, double click it, and it will appear as shown.

Do the same as above, but for your second blinkie frame.

As shown, click the "Animate" button, second left from the right hand side of the screen, and your finished blinkie should appear in the main part of the screen.

To make your blinkie blink faster or slower, click the watch icon as shown.

Choose a number, click OK, and click the animation icon again to reset the blinkie. Choose "Animation" from the top menu, and finally "Save GIF As" to save your blinkie.