Oil light on and flashing?

This could be a couple things but more then likely you have low oil level, or low oil pressure. Let's start with checking the oil level and looking for an oil leak. Here is a guide that will help with that:

https://www.2carpros.com/articles/engine-is-leaking-oil

As for the ticking noise, I suspect that is related to this issue so we need to test for oil pressure with a mechanical gauge. Here is a guide that helps with low pressure:

https://www.2carpros.com/articles/high-or-low-engine-oil-pressure

The low oil pressure will cause the ticking noise so let's start with this and go from there. Once we know what the pressure is, we will have a better idea as to what the issue is. Thanks