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On my 1978, the warning light start flashing after a while, well that is how the status is for now. Previous it startet flashing even before the engine was running, just after turning the ignition key.
If you ae refering to the "!" red warning in the dash, it lights up when there is something wrong. From the users manual:
Should a malfunction occur the central
warning light in the instrument console will
come on. At the same time the light for the
individual function will also come on, indicating
what is malfunctioning.
The function control is divided into two
priority groups. Functions that are essential
for driving and operational safety are: Priority 1 - The central warning light flashes
together with the individual warning light.
The following functions have priority 1:
Brake circuit failure, Brake fluid level, Oil
pressure, Oil level.
If a malfunction is indicated here the vehicle
must be stopped and turned off immediately.
The fault must be rectified.
Functions that do not require immediate
attention are:
Priority 2 - The central and individual warning
lights come on continuously.
The following functions have priority 2:
Brake pad wear, Hand brake, Cooling fluid
level, Cooling fluid temperature, Fuel tank
reserve, Screen washer water level, Brake
lights, Tail lights.
You probably have a burned lamp of the function the central warning is warning you.
Hope this helps.