It can be a simple as a bad sensor switch or it could also be something serious enough to destroy your motor. Always expect the wosre and do not ride it until you are 100% sure it is corrected.
Pull the oil lines off of the top of the oil cooler and look for obstructions. When I did my big bore I was amazed that I found a rather large piece of what appeared to be gasket material in one of the banjos. I was like hard cardboard and had almost completely clogged the one side. If this had plugged the oil to/from the cooler it could have been catastrophic.
Another excellent reason to have an oil pressure guage instead of the idiot lights.
Remember, red lights mean STOP! NOW!
