Blinking light which moved slowly, but abruptly, seemed to jump around as it blinked.Two witnesses saw an odd, blinking white light around 8 pm local time, which moved from the northeast to the north, then it slowly moved out of sight behind the mountains, as if it were traveling north. We had it in view for at least 5 minutes.We retrieved a pair of 8 power binoculars and continued to watch, seeing a very strange blinking sequence with no discernible pattern, and the light "jumping" around as if it were several objects, or one extremely large one. Distance from viewers to object at least five miles, probably more.Very clear sky, no clouds, calm winds, the moon is just rising to the east a few minutes after the sighting. The light definitely moved around the sky, and the stars twinkling nearby had a completely different appearance. This light varied in intensity and blinking rate and seemed to change color from white to red when flashing quickly.Both observers are professionals with college degrees and are private pilots.