Turns out there IS a condition that will cause this From a google search
Does the oil pressure switch control the fuel pump?
The oil pressure switch and fuel pump relay are wired parlell to fuel pump power. Both have to shut down to kill fuel pump. the oil pressure switch is not a cut off saftey switch but only there to run fuel pump in case of a fuel pump relay fail.
If I read this correctly . there is a bad fuel pump relay and that combined with low oil pressure is causing the trouble There is an inertia switch in the trunk. If it got wonky , that might do it or a new Fuel pump relay? Jump the oil sender wire to a ground. That should put the light out make the car think the OP is OK/ This just means that the engine will toss a rod bearing or something at the least opportune time.