you can't disable it, and it doesn't really matter anyway because nobody seems to notice it. I have videos of all my friends the first time I run into them using the glasses, and none of them realize that I'm recording them unless I stare at them for long enough without moving.
This particular LED not only emits light but works in reverse as well: it functions as an ambient light sensor. Recording is paused if the LED and camera inputs have a significant difference in detected light levels.