If you've been waiting for an hour chances are it won't change. Two things to try:
1. Press the "tab" key and see if the AI dispatcher gives you permission to pass the red signal.
2. Save the activity, use Activity Generator's "Convert Signals to Permissive" feature to convert all the signals to permissive, then reload your save, the F4 activity monitor should now show the signal as "Stop and Proceed" and the speed limit display next to the signal should read 15 or 20 (whatever the route's default restricted speed limit is) rather than 0. If this doesn't work try backing up, then reversing, that sometimes causes MSTS to reload the signal states.
MSTS Bin does have a feature that allows you to speed up time but I don't think it will help in this case. This is a classic MSTS signalling problem.
Thanks,
Steve