Hello,
I had the same problem of "blinking lights and device controls not working" with the Faderport V2 and Windows 10/Studio One 5. I had to reset the device to work with Studio One, as described in "Getting Started section" (Page 5) of the Faderport Owner's Manual available on Presonus website.
This is what the manual says:
"By default, your FaderPort is configured for Studio One. No further device setup is required. If you have changed the FaderPort’s Operation Mode and would like to return to using it with Studio One, press and hold the NEXT button while powering on your FaderPort, then press the Solo button to enable Studio One."
Although, I had just unboxed the Faderport (and found the lights to be blinking on connecting with Studio One), I still had to "configure/reset the device" for it to work with Studio One. And Voila! It worked for me! I was thrilled to see the "blinking lights" go away and to watch the device function normally with Studio One!
Note:
1. The blinking lights did go away on rebooting the computer a few times and randomly pressing buttons on the faderport, but the "reset to Studio One" as mentioned in the manual is what got the device working perfectly (as intended) with Studio One (ver 5).
2. Make sure the firmware is updated with "Universal Control".
The manual and "Universal Control" driver is available at this link:
https://www.presonus.com/products/FaderPort/downloads
Hope this helps.
Saketh.
