Led blink in C using timer 0 for delay - 8051 C8051F020

#include <C8051F020.h> 

	void Init_Device(void);
	sbit LED=P1^4; //set led blue 
	sbit PULSE=P0^2;// set pulse output	
	void delay(void);


	void main(void)
	{
		 Init_Device();
		 P1 = 0; 
		 PULSE=0; 
		 while(1)
		 {
		 	delay();
			LED =~ LED;
			PULSE =~ PULSE;
		 }
			
	}

	void delay(void)
	{
		
		TL0=0x72;
		TH0=0xDF;
		while(!TF0);
		TF0=0;
	}