Mowgli

when i bought my r50 my airbag light was flashing too. I read somewhere that you can reset it by pressing the automatic light switch on the drivers door 5 times. (the switch that makes the lights come on inside when your door opens.) Right when you turn your pathy on, leave your door open and wait for the airbag light to come on. then press the rubbery switch in and release it 5 times pretty quickly, but not too rapid fire. If done right, the airbag light will go away and stay off from then on. Hopefully it works for you too cause thats how I fixed mine (1996), yours might have water damage or something.

Sounds similar to what I was experiencing recently on my r50. Check your lower ball joints, mine were done so I replaced them both and shes been back to normal.