Red spot above TT scar; very loose skin on spot. (photos)

Thank you for sharing your question and photograph and I am sorry to hear of this recent issue.  After 5 months of recovery this is a bit worrisome for an underlying issue such as a stitch related infection, fluid collection, or other trauma.  I would see your surgeon for an in-person examination to determine the cause of this second belly button.  

I am sorry for your trouble. It is very strange to have any post-surgical issues 5 months after a TT. This area or redness could represent many things: stitch infection, fluid collection, infection in the skin, irritation from clothing or chemicals, etc. You should reach out to your PS and have it evaluated in person. If the redness continues to increase in size you should have it evaluated immediately. 

Thanks for your inquiry and pictures.  You definitely have an inflammatory reaction at that spot.  Without examining you, it is hard to advise.  Possibilities include that this is related to your surgery like a stitch or abscess trying to come out--to things unrelated to surgery like a bite, burn, allergic reaction to garment, etc.  Please call your surgeon to be evaluated, good luck.