That's flickering more than blinking. Looks like an electrical issue. Get your hands on an electrical wiring diagram, clean the grounds, connectors, look for any crimps or frayed wiring. If nothing then one of the oil sensors could be shorting out. Check them with a multimeter.
First do a Desi test by wiggling the wires of both the sensors, see if it makes a difference. Then unplug and clean the both sides of the connectors with some electrical or brake cleaner spray. NOT WD40. So on and so forth, starting with the most easiest and cheapest fix and working your way down.