put a resistor in-line with one of the wires going to the light.
problem is figuring out what size resistor to use.
I can tell you if you know the voltage from the dynamo is and what the resistance and wattage of the light is.
Get a capable zener diode to do the job, get the max voltage you think is acceptable and figure out what you need. Then the varying ac voltage can be regulated just toss a strong diode in on one lead to prevent the reverse voltage from frying anything.