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I have a feeling I know what light you are talking about. If it is the one in the RPM gauge area on the bottom to the left side, Check your coolant leval. I hope that's the one and hope this helped. Good luck.
The flashing yellow exclamation light on a 2001 ford taurus is the "check transaxle light," and it's to alert you that your transmission has issues that need to be addressed asap. From my vast and past experience, if the issue is serious, the transaxle (transmission) is probably going to lock into second gear at some point for safety purposes. As fate would have it, there is no real middle ground for repair of these problems. When transaxle issues occur on these vehicles, 99% of all remedies from dealers or tranny shops would require removal of the transaxle to perform the repair. That process (dismembering front end components, supporting engine, etc.) is very expensive. Having gone that far, most fixers would (rightly) recommend a rebuild kit and replacement of "hard parts" while the tranny's on the work bench anyway. Good luck!!