How soon we forget. The yellow arrow is not the "winter" light, it is the "up shift" light! A reminder that you are not in Drive. It is supposed to come on when in 3 and L, as well as when you push the W button.
It is the blinking arrow that indicates a problem. Rowing the shifter usually distributes a little grease around the PNP switch and lets you drive for a while before getting crudded up again.
PNP replacement is not terribly difficult.
Klaus
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Proud owner of a 1967 220S. If I had more room, I would have more Volvos.
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