I have the PCC as well, since March and it has always worked the same: top light, for when the PCC itself is charging, is red when charging and turns green when done.
Bottom light for battery turns red when you screw the batt on, but does not always stay red. Sometimes it stays on for a few minutes, and the goes off for a few minutes. Then it may turn back on again for several minutes. Depends on how much 'charging' the batt actually needs. If I just charged the batt on the wall charger, and place it in the PCC, the red light may stay on for a minute or less, but then cuts off. I'll remove the batt, use it for a few minutes, screw it back in and the light stays red for several minutes, then cuts off again. I only see it stay on continuously when the batt is dead or near dead, and needs to be fully charged. But it eventually always cuts off when the batt is fully charged. Or as fully charged as the PCC can accomplish. Does that help any? It sounds like yours is working just fine. I wouldn't worry too much about the lights unless it stops charging the battery.