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I just noticed that there are a couple of drops under my car? It is a 1996.
And when i start the car - the oil light flashes on for about 2 seconds then it remains off

The car was serviced last month - with new oil and filters in place and i always check to see if the Oil is low

Can a leak lead to bigger problems?

It depends on the extent of the leak and where it is leaking from whether it is a major problem or not. A couple of drops would not necessarily be considered major, but it would be advisable to run it past your mechanic for a quick look.
The oil light flashing on would be much more of an immediate concern. You say you check the oil regularly, so I'm assuming the level is fine. Have this checked out with some urgency. If the oil pressure is low you risk damaging the engine.