Only spells that produce an "area of light" are dispelled by Darkness: Flaming Sphere is dispelled but not Color Spray
Jeremy Crawford says " I would allow the darkness spell to dispel any spell of 2nd level or lower that explicitly produces light."
This is DM guidance, not RAW, but let's break down the implication of this. There are four categories of 2nd level and under spell effects that mention light:
Spells that Describe an Area of Light
All of these spells mention an ongoing area of light produced by their effect. I believe there is a strong case to be made for darkness dispelling these spells. The text of the spell reads "If any of this spell's area overlaps with an area of light created by a spell of 2nd level or lower, the spell that created the light is dispelled". All of the above spells create "area of light". If we are to give any effect to this text, it must apply to these spells.
Spells with instantaneous effects that explicitly mention "light", but not an area of light
PHB page 203 states that instantaneous spells cannot be dispelled.
Spells with that explicitly mention "light" that vanishes quickly and is not in an area
The text of these spells include the word "light", but perhaps more for flavor than as an enforceable description of an effect. After all, we might expect all spells (or at least the ones that involve fire) to produce light - the mention of light here could be incidental. For example, Guiding Bolt reads "A flash of light streaks toward a creature of your choice within range."
We can't automatically exclude these spells as with Ray of Frost, because although the light effect reads as if it's instantaneous, the spell's duration is 1 round. But this duration is surely describing the lingering effect of the spells, not the light produced when the spell was first cast. I would rule that the duration of the light in Color Spray and Guiding Bolt is the same as in Ray of Frost, and therefor not subject to dispel.
Further, the darkness spell does not mention being able to dispel any spell that "creates light" - it specifically mentions spells that create an "area of light". These spells do not create an area of light.
Spells with lingering effects that explicitly mention "light", but not an area of light
In addition to the light produced in casting, guiding bolt leaves a dim light on a target for 1 round. Unlike Faerie Fire, this light has no area of effect. This is an edge case.
In favor of darkness dispelling: dispels this because (a) it's an ongoing light effect and (b) the light is mechanically pertinent to the spell's effect on the target, in that it provides advantage on the next attack "thanks to the mystical dim light glittering on the target until then."
Against darkness dispelling: although the light is a persistent effect, this spell does not create an "area of light" as described in the darkness spell.