The low oil LEVEL sensor, located on the front of the oil pan, was a known problem and often malfunctioned. It was discontinued in '94s on up (gone).
You can replace the sensor if you still want that feature but it's easiest to just use a blue scotch lock (or whatever) and connect its two sensor wires together so the light will then always be off.

Oil PRESSURE is yet another issue so if you're also seeing that, have it checked with a manual oil pressure guage to be sure it's OK.