' 1 способ:
   Private Sub Timer1_Tick(sender As System.Object, e As System.EventArgs) Handles Timer1.Tick
        Static A1
        A1 = A1 + 10
        If A1 > 510 Then A1 = 0
        Button1.BackColor = System.Drawing.Color.FromArgb(Math.Abs(A1 - 255), 0, 0)
        ' Button1.BackColor = Color.FromArgb(Math.Abs(A1 - 255), 0, 0)' так тоже работает
        Label1.BackColor = System.Drawing.Color.FromArgb(Math.Abs(A1 - 255), 0, 0)
    End Sub

'2 способ:
Dim Mig As Boolean

    Private Sub Timer1_Tick(sender As System.Object, e As System.EventArgs) Handles Timer1.Tick
        If Mig = True Then
            Me.Button1.BackColor = Color.Red
            Mig = False
            Application.DoEvents()
        Else
            Me.Button1.BackColor = Color.Orange
            Mig = True
            Application.DoEvents()
        End If