All you've done is post the assignment - you haven't actually said anything on which we can provide feedback!

Presumably, as you've been set this assignment, your coursework must have covered reading from a port, writing to a port, and making a loop?
So you should start by reviewing your course notes.

Then you could look at the tutorials on this site, and read the documents often known as "the bible" of the 8052 family:

http://www.8052.com/tutorial.phtml

http://www.semiconductors.philips.com/acrobat/v...ARCH_1.pdf
http://www.semiconductors.philips.com/acrobat/v...UIDE_1.pdf
http://www.semiconductors.philips.com/acrobat/v...WARE_1.pdf