First, do not keep driving if the oil warning light is on or your oil pressure gauge has dropped. Stop the engine, let it sit for a few minutes, then check the oil level.
If the dipstick shows a full oil level, then low oil obviously isn't your problem. The oil pressure may be low because of a worn or broken oil pump, a plugged oil pickup screen in the engine's crankcase, possibly a plugged oil filter or excessive bearing wear. Or, the oil pressure may be fine but the oil pressure sending unit has failed. Further diagnosis will be required to determine what's wrong.
Perform electrical tests on oil pressure switch
http://www.clarks-garage.com/shop-manual/elect-19.htm
Replace pressure switch as the cheapest means of repair to see if the lights go out .
The pressure switch will be located on the engine block.
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