My wife and I were returning home from the Indianapolis area on 2//7/09.We exited I-465 onto US 31 North around 9 PM. Heading North a bright lightcaught my eye to the West and a little behind my peripheral vision. As I continued to try to watch this light my first thought was that it was a passenger jet with landing lights on turning back to the airport. But it never turned. After about 10 minutes or so I told my wife to watch this light. This light appeared to be maybe 5 to 10 miles to the West and from my advantage at about 30 to 35 degrees from the horizon. As we continued North we observed this light move to the West at quite a distance to where the light was only a pinpoint of light or disappear completely. Then after a couple of minutes it would come back to its original position. This happened numerous times. The farther North we went the light kept its same orientation. If it were a star, the light would continually fall farther behind us. As we approached the South side of Kokomo the light disappeared completely. We never saw it again as we continued into Miami County.