The light is the v-drive oil pressure (very different from the engine and transmission oils). If it is blinking on and off above 1000 RPM, check the oil level. It may be a little low. Although the sticker says 1200RPM, most go off below that when everything is working correctly. If oil level is fine, it may be the sensor. Not an uncommon part to go bad after a few years. Reverse whine is normal, as everyone else said
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