Hi Chris,
     The Answer is yes, but only if you have fuel getting into
the oil from leaky fuel injectors.  I just had this problem.
Change the oil and after time the oil will thin, causing the
oil light and buzzer to be set off.   Other reason that is
not discussed much is  over heating.  I've had both these
problems and both time the pros state,  "bad engine"
    AS a side note do a EZ's "Worlds best oil change"
and you can tell the condition of your engine.  I drove this
entire winter the oil light on at idle and the buzzer going
off once the engine warmed up  and apon oil change
found not a spec of metal in the oil.
                                                        Eric

JordanVw@AOL.COM wrote:

> can old oil be a cause of making the oil pressure warning light and buzzer
> come on on the 2.1L??   oil level fine, no leaks.  any idea why whe light and
> buzzer would come on?
> thanks
> chris