I use a solid light in nighttime conditions but a blinking light in dusky/rainy/poor visibility conditions. Though for most true nighttime riding (going home from work every day in fall and winter) I use a helmet light of which the rear light can only blink, and put the bike's taillight on solid. I've had drivers tell me I was very visible and they wished all cyclist were as visible.
Oil is good, grease is better.
2007 Peter Mooney w/S&S couplers/Terry Butterfly
1993 Bridgestone MB-3/Avocet O2 Air 40W
1980 Columbus Frame with 1970 Campy parts
1954 Raleigh 3-speed/Brooks B72