White - aft portion of mast head light - 1/2 of anchor light - positive
Grey - steaming light and forward portion of anchor light. - positive
Black - negative ground.
If switch was wired correctly at factory there will be a diode(s) wired on the switch in the panel to allow the on-off-on switch to illuminate the steaming light and aft portion together when set to the anchor light position.
Mine was not wired correctly and I had to add the diode for proper operation.
Factory wiring diagram for mast is available here:
http://www.marlow-hunter.com/export/Model-Information/260_1997_2005/260 mast light wires.pdf
Are you adding a steaming light at a different position on the mast? The two wire configuration of the new fixture would seem to imply it is either an all around light (anchor) or steaming light but not usable for both functions as the original fixture was.
If wiring for anchor light it would be white - red, black - black also remove diode if present from switch in panel. For steaming light it would be grey - red, black - black.
Diode should be remove to allow independent control of anchor and steaming lights if you are putting on separate fixtures.
All the above also assumes no one has re wired the deck fitting since it left the factory!
Good luck!