Here is one way. Changes the green color from the RGB. This way it goes from nearly white to violet and vice versa. Just the timer is missing which would repaint the oval after particular delay.
RGBgreen = 2;
direction = 1;
---------------------------------------------------
RGBgreen += direction;
if(RGBgreen <= 1 || RGBgreen >= 254)
direction = -direction;
Color theColor = new Color(192, RGBgreen, 192);
g.setColor(theColor);
g.drawOval(x, y, width, height);
EDIT: sorry if helped you too much. I gave you the answer.