Read reviews for the Navlite by Tektite Navlite as submitted by your fellow paddlers.
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A compact, self-containing navigation light (red/green) for night navigation and location. Multiple attachment points that can be secured to straps, deck line, and/or bungee cords. I find small d-rings work well or zip-ties. My only criticism would be the cost (approximately $60), but then again there is no guess work or fuss. Just attach and go. I use rechargeable Nickel-Metal Hydride batteries. It's an added measure of safety for paddling out at night.