OK, I understand what you mean now. My flash drive has a blue light which is solid when plugged in but flashes when "In Use".
If you have A/V software it is possible your drive is being scanned for viruses.
or ...
While I was typing this I left mine plugged in and my light started going wild and when I tried to eject it I was told it was "in use" so I used Unlocker on the root folder to see what was accessing it (
Unlocker links available in our
Freeware DB). Unlocker told me the USB stick was in use by WUDFHOST.exe.
Apparently WUDFHOST.exe has something to do with maintaining the best driver to communicate with the thumb drive. I don't understand it exactly but ever since Vista SP1 they have included this Windows User-mode Driver Foundation program. It tries to make sure the drivers used to communicate are correct so as not to threaten the computer stability.
I can't find an actual webpage explaining this but my hunch is it is actually updating the USB driver stored on the thumb drive. Eventually (about 3 minutes) mine finished and my light went solid. I wonder if yours would eventually calm down as well. If yours never ends I can only suspect older thumb drives don't allow for update of that driver and so it tries repeatedly. But you could definitely install Unlocker and see what program is "holding" your thumb drive.