Oh boy. Here we go again. Don't let Matt92VR4 see this thread.

(Hi Matt!

)
There are TWO oil pressure signal devices on th DOHC version of this car. Look at this diagram for oil circuit inside our engine. It will help you to understand how the oil circulates.
<img src="http://wsphotofews.excite.com/032/ba/ic/O8/T127507.jpg" alt="Oil Paths for a DOHC 6g72" alt="DOHC Oil Diagram">
The oil will go from the pump, into the filter, and then upwards toward the engine. From there, it passes two signal units, first, the oil pressure gauge unit, which measures oil pressure by varying resistance to the 12 volt signal being fed to it before dumping the voltage to the engine block (Electrical Ground). This is how your oil pressure gauge works, it measures carefully, the amount of electrical flow passing through it (which ultimately goes through the gauge unit, and then into the block)The second, is the oil pressure switch unit, which is an electrical switch; when the pressure falls below a certain level, it closes the loop, and allows that 12V signal to ground, thus turning on your Oil light on the dash.
SO, here's the skinny. If for some reason, your oil light is coming on, then that unit (the second one) is thinking the pressure is too low. This can happen for three reasons off the top of my head:
1) the oil pressure switch unit itself is dying. this allows voltage to flow through even when the pressure is decent.
2) the oil itself is breaking down, and can't hold thermal viscosity. When oil gets burnt up too much, it has this wierd property where it flows too easily, because the additives to prevent thermal viscosity breakdown are gone.(burnt up into residue) This makes the oil thin at running temp, and thus, lowers overall pressure. Quick way to check this, change your oil. Put fresh 10W-40 in, and see what happens (10W-40 depending upon your location. If you are in a warm climate, use 20W-50) Part of this is also due to the fact that the oil picks up other contaminents from being circulated, like other oils, things not burnt off in the fuel, and possibly seeping fuel components that mix into the oil.
3) Your oil pump is bad. This requires a replacement. About 170, plus labor to dig it out. (this is akin to a timing belt job, since the oil pump is right under the main crank sprocket for the timing belt.) it will also require removal of the oil pan, since the pick up tube needs to be accessed also.
That's the nuts and bolts of it. Post if you have questions, I'd be happy to answer them.
Elton