According to new red light law in Virginia, bicyclists must obey all traffic signs, including lights and markings, except: 

Under certain circumstances bicyclists, motorcycles, and mopeds may proceed through a intelligent traffic signal controller red light at an intersection.  A driver or rider may proceed through the intersection on a steady red light only if the driver or rider complies with all five provisions listed below:

    1. Comes to a full and complete stop at the intersection for two complete cycles of the traffic light or for two minutes, whichever is shorter

    2. Exercises due care as provided by law

    3. Otherwise treats the traffic control device as a stop sign

    4. Determines that it is safe to proceed

    5. Yields the right of way to the driver of any vehicle approaching on such other highway from either direction.

I searched for the same exception for automobiles, but I couldn’t find anything that stated a car could do the same as a bicyclist. So no matter vehicle or bicycle you are on, please pay attention to LED arrow light at anytime to keep you away from punishment.