I and three other friends stepped outside for a cigarette and as soon as we were outside I caught a bright star in the corner of my eye suddenly disappear. We were all looking up in the direction because I had a made a point of it and the light reappeared in front of us all in the same position. It then proceeded to turn on and off at random intervals, being on for 2-3 seconds and off for (4-5, 10-15) seconds. then the object moved slowly in our direction almost as if it were just above us 500 ft away. it then stopped and moved back in the same direction. before diss appearing altogether. The reason I chose to report this, all the while this was happening, in front of us in the foreground a distant plane was in full view and had the regulated flashing lights any commercial aircraft would be equipped with. The object in question that we saw, had no indication of possessing running lights, and the light in question came form a single light source.