My wife and I saw a reddish-yellow, pulsing light in the night sky.

The night was clear and the sun had set approximately two hours before I observed a reddish-yellow, silent, pulsing and stationary light, high in the night sky and an indeterminate distance away.  At first I thought I was observing a plane or helicopter, but quickly decided that was not the case.  
After one minute or so I called my wife to see what she made of the light.  She saw the light described it as "odd" and was frightened by it, and after watching it briefly ran to get binoculars.  I observed the light for approximately 30 seconds with binoculars but could not make out any shape, although it was definitely pulsing (red to yellow).  
It then disappeared from the same place I first noticed it.  Total time of observation was about three minutes.