You posted under Leviton 6124 timer.
I have tested this timer.
If timer worked correctly before and then started blinking, the timer might be bad.
Turn off power to timer and see if timer resets.
If this is new installation and lights are blinking on-off, then white and red wires are probably connected together.
Re-connect wires.
Open link below to read ez-wiring steps, and to access on-line manual.
http://waterheatertimer.org/Leviton-timers.htmlAdd a comment for more free help.
Also take advantage of fixya phone service.
For a price, expert speaks with you over phone while you work on timer or any do-it-yourself project.
Fixya is always less expensive than a service call.