Knog Blinder Road 2 or 3 is a great light for this. Has a number of different modes to use, including an option with one light flashing and one light steady. It does have some downsides - no side visibility and small buttons are easy to control. Luckily it turns on in the same mode you turn it off in, which is a real time saver. My main hesitation with this light is I am not 100% confident in the attachment strap and metal clip. It seems like it could easily fall off if you hit a big pothole, but maybe this isn't a big problem as long as you use the right sized silicon strap (it comes with two).
Originally Posted by
chaadster
You're not going to find a self-contained light any more low-profile than the Knog Road 2. It's 200 lumens, has a sane, slow, alternating lens flash mode, and is right around $50, but just a tick over; if you not particular about color, you can grab a purple one on Amazon right now for $52.10 shipped.