I would like to hear the answer to this, and I know we won't and why, but would like to hear Virgil's and/or Alaric's suggestion or insistence of the only possible correct answer.
For oncoming traffic, I would think (but I don't know) a non-flashing white light angled towards the road at a distance would be best, which should appear like a motorcycle to oncoming traffic. Again, idk what is best, but I can't think why appearing like a motorcycle would not be ideal. Appearing like something out of the ordinary could be bad, and this anacdote is really about being seen from behind:
I was returning very late from a friend's house in the middle of a dark county. bykfixer will know what Route 5 is like at night. I could see in the distance what I thought was an emergency vehicle, what my eyes fooled me into believing was a flashing red light on top of an ambulance or fire support vehicle. It seemed very far off. Speed limit is 55 on that two lane highway, a very old road from Colonial times and before, now paved of course. It was pitch black with no oncoming traffic, and, due to the illusion, I did not realize the massive difference between the speed of the vehicle I was approaching from behind very quickly. It was something like below, but entirely enclosed in an aerodynamic cover such that the rider could not be seen, only a little red flashlight light on the top.
I nearly creamed him or her, but swerved around them with nothing to spare. Had there been any ambient light whatsoever, it wouldn't have happened, but there is nothing at night, no lights anywhere, along that stretch of road. I really thought it was a full sized emergency vehicle much further away and moving faster than me, but it was probably only going half my speed, if that.
I mention only as caution, because if there's no reference and no illumination, no one could know what that blinking light is somewhere in front of them, and eyes will play tricks trying to match it to something more familiar. I don't know what the law says, but a blinking yellow light would have made me more cautious, because it would have looked more like hazard lights. Flashing blue and red or just flashing blue is the police, flashing red is ambulance or fire, and flashing amber is tow or caution. Something to consider. I would only risk flashing yellow, otherwise constant white ahead and constant red behind, no flashing.