Compressor running–Good. Condenser fan not running==Means the compressor discharged is not hot or has no load. Blinking water light means that water tank is not full or the pump never started to draw down the water. Is thee pump running and circulating water over the evaporator?  Refrigeration light means the water temp did not drop during the freeze cycle.
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You need to count the number of blinks in the sequence. like 2, pause, 2, pause, etc.
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The other thing that will make both lights alarm is if the sensors are out of spec.
Here is the service manual. Note, I would need to know the year of manufacturer and which control module you have to go farther.
https://download.partstown.com/is-bin/intershop.static/WFS/Reedy-PartsTown-Site/-/en_US/manuals/SC-CME256_sm.pdf