A strange, faint, pulsating point of light was observed heading very slowly south amongst the stars in the night sky.

I don't recall the day, but I remember it was in May of 1992.  It was a clear, dry, comfortable night...I think about 60 to 65 degrees (but I don't recall exactly).  I was looking up at the stars in the night sky around 3 am during a routine hourly weather observation in a rural area of very little street lighting, when a very faint, pulsating, pure white light directly overhead caught my eye.  It was about as large as, and otherwise resembled, a small star, and could easily have been missed in a well-lit area.  It appeared to be moving very slowly in a north to south direction amongst the stars, and it gave me the impression that it was many thousands of miles away.  It moved straight and steadily, and I would estimate the pulsations to be about one per second, with the brightness peaks about twice the magnitude of the lulls.  After about a minute, it got down to an elevation of about 80 degrees south (still nearly overhead) and then gradually faded.
Date is approximate.  PD