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I believe it's a oil pressure light. Not a oil level light. So if it's on, you got low oil pressure and you'd better do something about it asap. Like pull over and put some oil in. Most of the time, low oil level causes that light to go on.
No oil light here. But I just check my oil and I am burning 2 qts of oil in a 15 min drive to and back from lunch. Does that sound right? Or should I wait til my car cools down.