X2, there is an oil level sensor in the oil pan. The light is telling you the level is low. Could be a faulty sensor, or possible bad connection at the sensor, or the oil level might be low, check the dip stick level.
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98 Riviera SC3800 All stock except gutted air box.
1970 Buick GS455 Stage1, TSP built 470BBB, 602HP/589TQ
Best MPH, 116.06 MPH, Best ET, 11.54
https://www.youtube.com/watch?v=UHCda-t_Jls
https://www.youtube.com/watch?v=sfT2tEO4XcU