Ok Bout a week ago I jumped in my Dub and started it and I noticed immeadiatly that the oil warning light came on. I shut off the engine and went and had a look and the dipstick said I had no oil. I started to freak out and looked around for a big patch of oil on the driveway but there was only a little spot. I figured that the oil must have leaked away somewhere else and put some oil in. After starting up again and driving for about a minute the oil light started to flicker and dissapeared. Later throughout my travels I noticed that the light would sometimes come on now and them for andywhere from 5-30 seconds usually flickering and then dissapear. I've been checking my oil levels every day and they've only dropped a very small amount and there is only a couple of drops on the driveway. within the last day or so the light has been coming on more frequently, longer and is stronger but there is no inrease in leakage. I have no idea what the hell is happening, i'm getting worried, my Dad said it could be a seal starting to go but he didn't seem too worried at the moment. Whatd'ya reckon?
Maybe the oil pump is losing pressure or maybe the oil sender wire is shorting to earth somewhere ??
well if all your electricals are OK and the lights coming on then your motor is Wallaby Ted's brother.............. Roo Ted !
Sorry 
Is it making knocking noises yet ?
Drain your oil and remove the filter screen and check for little sparkly bits !
Even if you had a bad oil leak that would be OK, but the fact that your light is coming on means the motor has bugger all oil pressure.
drain oil, check crean, re fill with penrite 50
good luck
I'll have a good look at it tonight, but i've been driving it for a week now and the motor performance or sound hasn't changed at all-no knocks.
Boozer
You can HOPE it is a wiring fault.
Look for shorts and wack a different pressure sender in there.
Sorry - but the fact that when the light came on and you had a look there was no (or very little) oil ...... well, it tells me that there WAS a reason
the light came on. 
30 seconds of red light......... :alien
Keep driving it, probabally too lated now to rescue, but either keep your phone charged of make sure you are paid up with NRMA.
Either prepare for a tear down or keep an eye out for a second hand motor.
Certainly check the wiring and sender first.
If at all possible wack a gauge on there and see what pressure readings you get
Barry
I was talking with my Dad just now and it turns out that the oil light never worked at all because of previous owner's shoddy wiring (mixing 6v and 12v). So we're gonna replace the oil sender and do a good service and check everything and just keep a good eye on it and see what happens. I'm just hoping that it really was shoddy wiring and that there's only a very small leak and it will do till I can start looking for a replacement engine while this one is possibly rebuilt. Thanks anyways guys:thumb
Well when the light FIRST came ON, You said there wasn't a lot of oil in the engine.... that means that the oil sender DID in fact work... Have
You been using a good brand of oil?? and changing it often?
You have lost OIL pressure... which means worn engine bearings..... If it keeps happening, I would do what the other fellow said- do an oil change and
have a close look at the oil strainer for bits of metal.... if No metal, then fill with Penrite 50 oil....
Best of Luck... Lee