Sun 18-Nov-12 01:47 AM | edited Sun 18-Nov-12 10:21 PM by William Symonds
This is nothing really to do with frequencies of the lights or inadequacies in metering systems. Digital photographs can only capture so much dynamic range in a scene.
So in a scene such as this, with a normally exposed image the bright lights will tend to blow. Normally really it doesn't much matter, except that the light in question looks weird as it should be red, according to our clear expectations of what a traffic light should look like.
As in the attached example you get similar effects with stop lights at the back of cars, though it's perhaps less noticeable.
If you stopped down to preserve the red in the light the shadows throughout the photograph would get very dark and noisy, so IMHO the best thing to do is to ignore it or redden it in PP as several others have suggested.
Shooting at a lower ISO might help a fraction, this was taken at ISO800, and a lower ISO would have improved the dynamic range, and/or enabled better shadow rendition had you underexposed a little vs the exposure indicated by matrix metering.