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That’s probably the stand light capacitor charging.
The test voltage on one of those things might not be enough to make current flow through the LED, so I don’t expect you can tell much with it.
The best way to test the light is to connect it to a dynamo and spin the wheel. You can use the meter to check if the dynamo is outputting a decent voltage. Set it to V~ and see if you get a reading. It will be 20-100V with no light connected and 3-10V if you connect at the same time as the light.
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@Polygon
Actually I get somewhere between 500-1500 on first contact in one direction, but it goes straight back to 1