John,

While it could certainly be a warning of bad things to come, it could also
be a intermittant short in the wire from the oil pressure switch (happened
to me with our '90 Carat), also happened with the temp gauge sensor (needle
pegged, light came on).  The wires from these sensors pass through ports in
sheet metal that are protected with press-on plastic molding strips.  With
time, these tend to fall off, allowing the insulation to get nicely worn
through to ground.

Bottom line, it could be something expensive lurking, but you might be
lucky and find your problem can be solved with 3 inches of electrical tape.
I'd check the run of the sensor wire first.

Danny Fuller
'90 Carat
'63 Ragtop
'95 BMW IC
'00 New Beetle