My 1.2 idles high, normal, high (fast slow fast slow) after driving. If I flick the ignition off and on very fast while engine is running, when the car is stationary and idling low/high, idle becomes normal immediately. If I do NOT flick the ignition, the idling becomes normal after maybe 5-10 seconds.
Does anyone have an idea what i can look for / repair.

Get the throttle body cleaned at Authorized Service Center. Most probably it will solve the issue. Also get the car ECM scanned.