Can you flicker a token to reset it and keep it on the battlefield?

Flickering (exiling a permanent and returning it to the battlefield) does not work on tokens. When a token is exiled, it moves to the exile zone, but a token that leaves the battlefield ceases to exist as a state-based action the next time state-based actions are checked. It simply vanishes from exile and never returns to the battlefield.

This is governed by CR 110.5g: "A token that's phased out, or that's in a zone other than the battlefield, ceases to exist. This is a state-based action (see rule 704)." So the moment the token reaches exile, state-based actions will remove it from the game entirely before it could ever be returned.

The 'reset' effect of flickering — entering the battlefield as a new object, clearing damage, counters, or effects — is therefore impossible to achieve with a token. Even if a spell says 'return it to the battlefield,' the token no longer exists in exile for that return to apply to.

Concrete example: You control a 1/1 Goblin token that has been enchanted with a local-enchantment Aura and you cast Cloudshift targeting it. The token is exiled, then immediately ceases to exist due to state-based actions. The return clause of Cloudshift finds no legal object in exile, so nothing comes back. The Goblin token is simply gone.

If you want to 'reset' a creature this way, it must be a nontoken permanent card — only those can successfully leave and re-enter the battlefield via flicker effects.