Had deep shave biopsy done on mole that came back benign. After scan fell off, area has been red for two months. Looks like red circle. Will it go away?

Scarring. After about a year the new blood vessel ingrowth will lighten in color a bit. Most likely this will return to regular shin tone. If not, there may be some permanent skin pigment changes.
Yes. 2 months is a short period of time. Be patient and the redness should go away in a few months. Make sure to wear sunscreen.