My '71 CB500 has about 18K miles on it. The P.O. had the transmission rebuilt and rings/valve job done....about 28 years ago. He put a little over 1,000 miles on the bike and parked it because of a cracked triple tree.
I resurrected the bike last year and have a little under 2K miles on it since then, so let's call it 3K miles since the top end and trans has been done. Other than a few oil leaks (minor and some misting from around the head gasket), the bike runs like a top. It doesn't smoke, doesn't knock and uses less than half a quart of oil between changes (most of which I attribute to the leaks).
I use Castrol 20W50 motorcycle oil. I've driven it in heavy traffic in South Carolina in the Summer. I've done the ton on the highway with it.
The only time I've ever seen the oil light come on is when I first turn on the key. Usually, 2-3 kicks and it goes out.
About 60 miles into our trip today, we pulled into a gas station and, after the RPM's dropped to down around idle, the oil light came on. I put the bike on the centerstand and waited a couple of minutes, then checked the oil. It was a little low, so I bought some cheap, gas station oil and topped it off.
Fired up the bike and within a second, the light went out. :Cool, that musta been it!", I thought.
Drove about 20 miles down the road and stopped for a photo opportunity. As I pulled to the shoulder, the light came on again. If I revved the engine past 2200-2500 RPM's, it would go out.
Finished our trip and pulled into the gas station to top off the fuel tank. The oil light once again came on after the RPM's dropped. Left the station and the light stayed on for the last 4.5 miles to my house. Checked the oil at home and it hadn't used a drop since I topped it off.
My thoughts:
A) Sending unit. This would be the simplest and cheapest fix. Especially since there's never been ANY indications of an oil pressure problem in the past.
B) Oil pump. The bike does have ~18K miles on it and, as far as I know, the pump's never been touched. This would be the 2nd easiest fix.
C) Bottom end issue. Since the bike does NOT smoke, even under hard acceleration, I assume the top end is OK. However, if there was something out of whack on the bottom end, I would expect a knock or poor running or something. The bike is smooth as silk and runs just fine. It's a pleasure to ride. No unusual noises, grinding, nothing in the oil or filter on oil changes, etc. (So far, anyway)
I'm thinking about trying to pick up a sending unit this week and see if that's it. If not, what next?