5r55e "O/D" Light blinking

[SploderXLT]

I just put this transmission in one of my trucks. It was obviously used when I got it. From time to time the "O/D off" light will flash and the converter will no longer lock in. I can still push the o/d off button and it will come out of o/d but it is turning around 3oo more rpm when its flashing. I can simply cut the ignition off and restart and the problem is gone. Any ideas?

 

[drdoom]

Sounds familiar...
http://www.explorerforum.com/forums/showthread.php?t=316800
Bam. Some light reading, and a few pics.
Survey says! P0741

 

[BrooklynBay]

Have the PCM scanned for the exact code numbers.