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The Yellow With Red Stripes

G-80 Stationary:

 Slippery Surface Ahead

 

G-80 Waved:

Slippery Surface Imminent.

Another masterpiece of understatement from the Blue Book What do we use it for?

To Say "Please Look at the Floor"

Not Just for Oil-yellow or Oil? 
Stationary:
Change in Circuit Surface or Small Debris
Prior to a Waved Yellow and Red

Waved:
Extreme Change in Circuit Surface or Quantity of Small Debris Imminent

Debris can be..

Oil, Petrol, Brake Fluid, Water, Change in Surface, Sand, Soil, Cement, Broken Body Work,
Squashed Animals, Rain, Hail, Snow Etc.

If a waved "oil flag" (for that's what we all still call it) is displayed then the post preceding should show a stationary.
There has always been a lot of discussion about when to use an oil flag or whether to use a yellow.
In my opinion this is very much down to your own judgment at the time. If the drivers are faced with a large piece of a car which has reduced itself to kit form, then definitely a yellow.
If on the other hand there is a small piece of car or any of the above then it's decision time.

A point of view made at one of this year's training days was, if the piece of debris is big enough to damage a following car then a yellow should definitely be used.

One consideration pointed out to me years ago is that by using the "please look at the track surface" flag the drivers are still able to race and may actually find avoidance easier than when restricted by a yellow. Food for thought.
Another thing to remember is the old trick of showing the flag and pointing to the sky when weather conditions have changed on that part of the circuit.