Problem with the Overdrive system or the Transmission.
you need to check your lights to make sure that the light is not going out!!! A flashing CEL typicly means that there is a misfire.
I'm having the same problem with my 96 golf
Check the fluid level in the Saturn. Check the water pump and thermostat for failure. If they are not working the engine will overheat and the light will blink.
get the bulb replaced in the light of the side that's blinks too fast
YES
what light, there are a lot of them.
Turn on that fast blinking signal light and check to see if the front and rear signal lights are both working, chances are you have a burned out bulb. If both front and rear bulbs are flashing fast, replace the flasher relay.
4x4 indicator light
Go to your local auto parts store and get an add on hood light. It's a light that comes on when you tilt the hood up. Mount it in your trunk instead.
I believe it is blinking because there is a misfire inside the engine. Meaning that the timing is off. This could be because the timing belt may be old and the teeth are chewed and are not as rigid. That was the case for my 96 tacoma.
I assume you have a 96 and up vehicle. If the light is blinking and then eventually it will stay on, it's always been a misfire code for me. Take your car to an autozone or advance auto parts and they will read the code for you. It will usually be plugs, wires, or a coil, depending on your car. Hope this helps.
Its on top of the trans as you're looking down. Its not internal. I've replaced mine on my 1997 Sable.