neat color-theory trick.
The mixture of those two particular colors will make gray.
So, what is happening is that you are staring at the pink long enough to see its composite (green)....the afterglow image - something we're familiar with.
When one of the pink spots "disappears", you are left with the composite color, which gives you the green dot.
After staring at the pink long enough, you become desensitized to it and develop a strong afterglow. So strong that the two colors "mix" and become gray.
In other words, this would not work so effectively on a white background...or a black one, etc., since gray is the mixture of the pink and the green.
Nice effect....one I've seen before...and never tire of seeing again. Thanks!
p.s. the guy's logo at the bottom of the page is a clue-in that he knows color theory....it's a nod to the work of Josef Albers.