Is this one of the 3 lights in the lowest corner of the display? These 3 lights are for the 3 following functions.
-(Top lamp). Speed limiter Light.
-(Bottom left lamp). Trans Axle warning light.
-(Bottom right lamp). Oil Pressure Warning light.
This sounds like it could be the speed limiter. Check for any switches on the dashboard and the steering column for switches with the same logo as the speed limiter light as this can flash to show it is active.
The Trans Axle warning is the systems electronics showing there is a possible issue with the transmission.
The Oil Pressure light shows there is an issue with the oil system such as low oil or low oil pressure in the engine.
You will often find the Trans axle and Oil warning lights usually don't flash.
Try this website for an owners manual for your vehicle.
https://www.manualslib.com/manual/53030/Ford-2005-Freestar.html?page=10#manual
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