My Book Essential 3TB Double Blinking Light

I have an eight month old My Book Essential 3TB that, upon being power cycled, will work for ~3-5 minutes and then stop being accessible.

It sits there showing a double blinking light once per second even when the computer is off. If I reset the power it will work perfectly for 3-5 minutes and then disappear from the computer and start the steady blinking again. Yesterday a power cycle would give me up to an hour of access, today it has gotten worse.

I tried plugging it straight in to the wall, I tried another computer, it has not been dropped, the room has a moderate temperature.

Is there any fix for this or should I just warranty it? Can I retrieve data from it in this state?

Warranty is your best bet

retrieving the data will be tricky since the drive is not been recognized long enough