What's the nominal forward voltage of the LED? If you don't know that, start with what colour is it? Assuming it's white, two AA cells don't really have a high enough voltage to run a white LED off. I have a set of cheep Chinese Christmas lights, which were just wired straight to a couple of AA cells. They were different colours, made with deep blue/violet LEDs with phosphors, so they all had the same voltage drop. I connected two sets in series, powered of a 5V power supply which output slightly more than 5V and gave them to my parents, for Christmas last year.