Or it could be a bad relay.
My wife's bike had the opposite problem, you could barely see the flash. I just replaced the relay and all was well.
These old bikes use a Bi-Metal style flasher relay. Basically there are two pieces of metal with different heat signatures. When power goes through them they heat up and warp, but are different rates. As soon as one bends away from the other the current is broken, light goes off, both pieces cool and bend back to their original places where they meet and the process starts all over again. This leads to simple wear after some time. Since you seem to be having this issue when the bike's power system is putting out greater amounts of power (generator puts out more energy at higher RMP's) it sounds like this is the start of the relay breaking down.
Try a new relay and let us know how it goes.