Looks like a plane; Flashing light color consistent with direction of travel for required aircraft light configurations.. Regular blinking rate, you just never can tell. An extraterrestrial craft could probably simulate this to appear like an aircraft.
If this was "hovering", then why does it move around? Or is it that the cameraman just couldn't keep still? Other than that, it looks like a UFO as is unidentified – i.e., not a plane or helicopter, but that doesn't discount a secret black project.