Oil light on with the ignition on & engine off is OK. Oil light on with the ignition on & engine running is not OK.
The starter won't work unless it's in neutral (at least on my 550). So, if the idiot light is dead, something else is wrong. If the bike isn't actually in neutral, or the neutral switch is toast, the starter won't work. To jump it out, you'll be needing that wiring diagram that has been recommended. Get the whole service manual while you're at it - they're on the site to download (file or link...) somewhere.
The kicker works through the tranny (again, on my 550). So put it in neutral, do not hold in the clutch and give it a kick to see what happens. May be a bad starter. I found that holding in the clutch defeats the kicker and you go through the first 1/2 year of owning one of these things thinking the kicker is busted until you finally have someone tell you the secret. I guess it's not my old dirt bike after all.
The best bet is to start at the headlight bucket and make sure the wiring is OK. Typically match like color to like color unless there's been some modifications, then it gets fun. A wiring diagram is a must here. And get some contact cleaner & electrical lube - clean up the connections while you're digging through the wiring loom.