Yeah I had that problem with my colt before, my motor was running fine, just changed the oil. All of a sudden, bright red oil light comes on... W T F????? I was pissing myself. I had lots of oil up in the valve cover and my oil was right full. So I sat on that for a couple days and the light went out. A week later, boom the light comes back on. WTF?? So I go check the sensor and low and behold... the fruit and banana wire is sitting up against the block
. So stick the wire back in and no problems since.