OOoh. That's weird. That's not "Out of water" blink, you're correct.
That looks to me like the box is powering up, light switches on, split second pause while it does the water checks, then it is trying to turn on a component, either element or Pump + Fill-Solenoid, short circuit drops available voltage to the point where the controller has to shut down, light goes off, it restarts, light comes back on, water level check for a split second, powers up the component again and repeats.
Step 1 would be to unplug the machine, take the top, splash shield and three-side body panel off. Then, disconnect both element leads, put electrical tape over the contacts if the insulators are cracked and/or there's any chance they could touch anything, plug the machine in and turn it on again. If it still shorts out with the element out of the circuit, the element isn't the short-circuiting component. Unplug machine. Reconnect the element and repeat the proceedure with the pump connections disconnected, then with the boiler fill solenoid connections disconnected...
If none of these components turn out to be the cause of the repeating reset, the problem could be in the control box itself. Sorry.