Fatboy - I had a '90 that did that all the time. The oil gauge was all over the map. It would drop past L, then all of a sudden spring back to normal. Sometimes right away, sometimes it took days.
But I had a mechanic check out the engine and he said the engine was getting oil. And that new gauge cluster would cost me $400. I kept driving it for a while and sold it to my dad who's put another 50k miles on it in the last 2 years. Must be a bum gauge...