Check your sensor wire. If it's off and grounding out it will make the light come on. Also, if the wire has missing insulation and is grounding intermittently the light would be on and off.
If your wiring is good and the sensor is straight, you might be losing your oil pump.
Its an 88 22re new re-built with 500 or so
miles. If it is a low pressure thing there is a leak @ the frunt crank seal (waiting my budy to fix ) I was told it mite be the sedning unit ?