Well, seeing as my fiance' and my best friend both have Cougars, I know that it is the scheduled maintenance light. The light is set to turn on after a certain amount of miles that Ford has determined. I think it set to turn on every 5000 miles or so. There is a way to reset it. I think you press and hold 'select' and 'reset' and it will shut the light off and set it to see 0 miles. Then in 5000 miles it will come on again. I guess Ford's recommended oil changes are 5000 miles, so that why they did that. Hope that helps.
