How to gradually transition between sprites?

I’m trying to achieve the effect of dashboard fuel light slowly turning on and then fading. I have two sprites, one for off state, one for on state, how can I gradually transition between them?

Maybe this effect can be achieved in some better way (like changing sprite color/material over time)?

You can place one of the sprites on top of the other and then change the alpha value of the sprites either via script or by just animating the Color in the animation window.