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If you had a flashing check engine light it would not go off on its own, so I would relax a bit. It is probably the AOS (air/oil separator) and there are a number of threads on the subject that you should search and read. You can have a check done of the crankcase vacuum to confirm, but what you describe (as well as regular white smoke on start-up) are common signs. I would not wait until it completely expires as it will make a mess of the throttle body and the MAF sensor.
Brad
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