Is the oil pressure switch in a different place on the 550 than it is on the 750? On my 750, the oil pressure switch is to the right of the cam chain tensioner and starter cover.
While there's oil in that area, there shouldn't be a lot so you should be able to quickly remove the switch and put a new one in with a minimum of oil loss.
Now, if you're talking about the neutral switch that's on the bottom of the engine, you're going to see a lot of oil come out of there because whatever hasn't been returned to the oil tank via the scavenger line is going to be in the bottom sump of the engine and will want to leak out.