Been there many times. Most times the light shines white and gets dimmer when people walk toward it. I have also seen it red-esp. when people that walked towards it are walking back to the road where you park. Only once was I truely scared by it. We were walking towards it and it seemed that we were getting really close really fast. Then as I decided to bail and run back to the road, it seemed to not get any further away. Try bringing a pet with. Be ready to leave though, some animals really freak out (cats esp.).
I watched "Fact or Faked" on the Syfy channel tonight. The light showed. They had the cops close off the highway and tried the head light theory. It isn't that. They even flew a plane shining a light from it, not that either. So they did an EVP session and got nothing. They ended the investigation light unsolved.
My question is, if you can't walk towards it and see it, then why doesn't someone look at it with a real powerful telescope, with a camera mounted to it? Maybe a full spectrum camera, since it gives off no heat.