Sorry to bump an old thread, but have the same make and year ATV as the OP.
My reverse light blinks pretty much constantly. 10 seconds after starting, the light flashes regardless of whether or not I am reving. I have adjusted the idling to the point that it dies if I am not on the gas to see if that could be the cause, so can't see it being an idling/reving issue.
It doesn't matter what gear I am in. The light doesn't go off when I change gear. The only thing that does turn the blinking off is to turn the engine off. I turn it back on again and the light starts flashing after 10 seconds.
The bike runs great and top speed it 48mph (everything is as standard) which is more than enough for me. It starts first time, every time. I can do 100 miles to a tank. I can tow a trailer with nealry 2 ton load without any issues at all - I barely notice I am towing!
There is no damage to the bike at all, no rust, no cracks, no leaks, everything is good. There doesn't appear to be any negative affects to this warning light. But this blinking light is doing my head in!!! It has done it since I got it about a month ago. Don't know how long it has been going on before that though.
I have had a look at replacing the nuetral switch and gasket, but I have heard that doesn't always cure the problem. How would I find out exactly what the problem was? I don't want to spend money of a fix, only to find out I replaced a part that wasn't faulty, then have to pay out for another fix, to find that part was ok as well... That could go on forever. Or should I just stick some black insulation tape over the 'R' light and call it a day???