That is idle surge, and idle surge is the condition that occurs when something in the ECU idle speed feedback loop fails to operate as expected. Since the ECU is not quite as smart as you are and has a very microscopic view of its world, its behavior may seem very strange to you, but seem perfectly normal to the computer. The result is an idle speed that oscillates from ~1200-1500 RPM about 2 times a second and no error codes are ever displayed. Since you are not accelerating it only goes a certain RPM before fuel is cut dropping the RPMs then it raises again starting a never ending cycle.
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