My truck does the same thing only if i have it in overdrive. If taken out off o/d the light wont start flashing. It also seems like the torque converter is slipping because at a steady cruise the rpm's would go up and then back down about 3 to 4 hundred rpm's and after about 3 times of doing that the light would start flashing. And that also only happens in o/d

 

Well my light went out and I haven't noticed and problems so I'm not worried about it