I agree with Fuel Pump and Arno P, but when I had a similar problem on an 84 240, it turned out to be the the motor mount on the right side was failing. (I had a new filter on and the oil was topped up too.) this caused the engine to tilt slightly to the right and the oil filter slowly began to contact the "mount arm". Not realizing the problem, I drove it after checking everything that could relate to the light for maybe 500 miles. Eventually oil began to seep from the seal at the filter and engine block. The sender wiring was being pinched too. I don't know if the light came on because of a drop of pressure or the wiring. Anyway, installing new engine mounts totally corrected the problem. The car had about 150000 on it at the time. It's near 200k now, and no indication of any oil problem. You might check your mounts if they haven't been changed. Also I found out that allowing oil to drip down on the engine mount when changing oil filters, doesn't help the life of the mount. The right seems to fail earlier the the left. I'd be interested in hearing how it goes. jim g