In Reply to: 740iL '97 - check oil posted by Bimmer lover on March 18, 2000 at 21:20:34:
If the engine was running normally, there is a good chance this is merely a sensor/indicator problem. If so, I have to believe it can be readily fixed.
If this is an actual, low oil pressure problem, you MUST NOT run the engine. Serious internal damage *WILL* result. Only a mechanic can determine which is the actual case.
My guess: just a sensor problem. But you can't take the risk.