If you're getting oil in the top end then it sounds like it's doing it's job properly. You might consider that the oil light is just a false indicator - heat from the engine affecting the sensor or something to that effect.
Tough call, don't want to ignore something that's genuine, but if the sensor's bad well you can tear apart the whole thing for no reason at all. Confirmed that the oil level is proper - that is DON'T screw the dipstick in to measure the level, make sure it's not running lean (very important).