From Squid Game: Season 1 Episode 1: ‘Red Light, Green Light’ (1×01) | Produced by Netflix

What does the doll say in Squid Game?

The doll in the game ‘Red Light, Green Light’ sings “무궁화 꽃이 피었습니다” [mu-gung-hwa kko-chi pi-oet-sum-ni-da] (LearnKorean24) which roughly translates into “The Mugunghwa flower bloomed.” But in some subtitles this was simply translated to “green light, red light”. And if you watch it dubbed in English it’s the same thing, the eerie song was left out and the doll only shouts “green light, red light”. So it depends a lot on what version you are watching.