If my oil light is flashing does that mean its low
It comes on every time the oil pressure falls below a preset level. If you are running out of oil (because the level is low), then 1) shame on you for not checking the oil level frequently! It's not like you have to lift the hood, or anything hard like that, and 2) don't drive it at all until you get some oil in there!
If you have plenty of oil, then you could have a stuck oil pressure relief valve, a blocked oil pickup, a worn out oil pump, an unbelievably clogged oil filter, or an internal oil leak (from a crack, or something coming loose).
In a water cooled car, the water only does 60% of the cooling. Another 20% is by aire passing over the engine surface, and the rest is carried to the oil sump to be cooled by air passing over the pan. Motorcycles have highly finned oil sumps for a reason: They shed a lot of heat through the oil. If you are low on oil, you will be low on cooling, too.
If you fill up with oil, but you still overheat, you probably have an excessively lean fuel mixture. If that is the case, and you let that continue, this bike won't last very long.
I just checked and found that this is a water cooled engine. So yes, you probably need coolant -- check into that right away. If the water pump gets dry even for a split second, the seals (lacking the lubrication that the water provides) will be destroyed -- it happens instantly.