A SAAB 340B AT 120 KTS WITH MAIN GEAR LIFTED OFF ABORTED TKOF WITH HIGH ENERGY BRAKING DUE TO A MASTER CAUTION RED LIGHT THAT FLASHED ON THEN OFF. ACFT THEN TOOK OFF AGAIN WITHOUT ALLOWING TIME FOR BRAKE COOLING.

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MY LEG OUT OF ZZZ AND AFTER THE CAPT CALLED 'V1; ROTATE' AND AFTER THE MAIN GEAR HAD LIFTED OFF; A RED MASTER CAUTION LIGHT FLASHED ON; THEN OFF (1/2 SECOND) AND THE CAPT CALLED 'ABORT' AND PULLED THE PWR LEVERS TO FLT IDLE AND I WAS FORCED TO LAND. THE CAPT THEN APPLIED HVY BRAKING AND TAXIED OFF THE RWY. HE FOUND A LAVATORY SMOKE LIGHT IN THE MAINT LOG THAT HAD BEEN WRITTEN UP AS INTERMITTENT AND DECIDED TO GO TKOF AGAIN. I INFORMED THE CAPT THAT I WAS NOT COMFORTABLE WITH ABORTING AFTER V1 AND AFTER LIFT-OFF BUT HE IGNORED ME. HE ALSO WAS REQUIRED TO CALL MAINT AND DISPATCH ABOUT THE ABORT BUT NEGLECTED TO DO SO. ALSO; WHEN HVY (HIGH SPD) BRAKING HAS OCCURRED; A COOL-DOWN PERIOD OF 1 MIN PER KT (120 KTS) IS REQUIRED (ABOUT 1 HR AND 20 MINS). THE CAPT BECAME ARGUMENTATIVE AND CHILDISH IN THE COCKPIT WHEN I INFORMED HIM OF MY CONCERN ABOUT THIS SIT WHICH RESULTED IN MY TALKING WITH THE CHIEF PLT ABOUT IT. THE CAPT HAS BEEN PULLED OFF LINE AND HAS BEEN REQUIRED TO BE RETRAINED IN FOCUS; CRM; V1 CUTS AND PROCS; SYS PROCS; ETC. I WAS INFORMED THAT I TOOK THE RIGHT COURSE OF ACTION BY OUR CHIEF PLT AS WELL AS PLT GROUP; BUT FELT THIS RPT WAS STILL NECESSARY.