Earlier, Chicago police said that a girl was killed in the crash, but that was not accurate.
The crash, which included three vehicles, occurred around 6:30 a.m. Saturday in the 300-block of North Hamlin, police said.
Police said that a Mercedes C300 struck an Oldsmobile Regal in the intersection after the Mercedes driver failed to stop at the red light. The Oldsmobile then spun and collided with a Chevrolet Town & Country minivan.
The two children were ejected from the Oldsmobile and transported to Mt. Sinai Hospital in critical condition. A 25-year-old woman who was in the Oldsmobile was also hospitalized, police said. A 53-year-old passenger of the Oldsmobile and a 38-year-old driver of the Chevrolet refused transport to a hospital.
The 27-year-old male driver of the Mercedes was taken to Stroger Hospital in stable condition. Police have the man in custody and charges are pending.