I had the blinking cruise light yesterday, and I was the cause. It was my first attempt at throttle body synchronizing and somehow messed it up. When I connected my home-made manometer I found them about 18 inches (of ATF) out of balance so I backed the left adjuster screw out until they balanced, then opened the right screw 3/4 turn and re-balanced.
Went for a ride and cruise light would sometimes blink and of course could not set, and the bike ran like crap. Engine light came on a few times too.
I returned to the garage and connected the manometer and found the balance way off, turned the left screw back in to even it up and bike runs great, and cruise light is on steady.
Only thing I can figure is I had a longer lead hose on the left side the first time, everything equal length the second time.