Update...LED is on steady. No blinking
You might want to try something like this to see your LEDs blink;
Code:
DEFINE OSC 4 
@ __CONFIG _INTRC_IO & _WDT_OFF & _PWRTE_OFF & _LVP_OFF & _MCLR_OFF & _BODEN_OFF & _DEBUG_OFF
OSCCON = %01100000  ' 4MHz 
ADCON1=7 
TRISA = %00000000 
TRISB = %00000000 
TRISB.4 = 0 
TRISA.0 = 0 
PORTA.0 = 0 
PORTB.4 = 0 

LOOP: 
  PORTB.4 = PORTB.4 ^ 1
  PAUSE 250
  PORTA.0 = PORTA.0 ^ 1
  PAUSE 250 
  Goto LOOP
Check your PBP manual to see why your LEDs aren't visibly blinking with PULSEOUT...;o)