If we put a led light into a oscillating current, will it blink?
It's a shame that we don't better encourage these learning questions on the stack, because this is a good one.

What you have stumbled across is an indeterminate state. While it is possible that the circuit may oscillate it would happen at an incredibly high speed. Whether or not the LED appears to be on would depend on how much time it spends forward biased each cycle, and the characteristic of the diode. I'm guessing it probably wouldn't be visible, but this depends on so many part specific factors it really is just a guess.

The problem is that combinational logic circuitry is purpose built to respond to input as fast as possible, and you've shorted the output to the input. This problem is the whole reason sequential, clocked logic exists.