The cheap LED light simply drives a parallel string of white LEDs with two or three batteries. There is no other circuit elements, not even a current limiting resistor. The most annoying problem is that the light gets dim fast as the battery voltage drops when there is still plenty of battery capacity left. The proper way of doing it is a constant current boost converter, LT1932 is such as an IC that comes in a small package, works down to 1V and is simple to hook up. Here is the circuit diagram,
Here is the actual circuit board,
The actual circuit board,
Another incarnation with higher current (250mA) and in the size of a flashlight bulb,