We investigate the oscillatory dynamics and bifurcation structure of a reaction-diffusion system with bistable nonlinearity and mass conservation, which was proposed by [Otsuji et al, PLoS Comp. Biol. 3 (2007), e108]. The system is a useful model for understanding cell polarity formation. We show that this model exhibits four different spatiotemporal patterns including two types of oscillatory patterns, which can be regarded as cell polarity oscillations with the reversal and non-reversal of polarity, respectively. The trigger causing these patterns is a diffusion-driven (Turing-like) instability. Moreover, we investigate the effects of extracellular signals on the cell polarity oscillations.