The oil light flashes up when the oil level is low aswell. But the buzzer certainly sounds like it's a pressure warning rather than a level. I had the same issue on my old (84) Sirocco 1.8 where the light and buzzer came on when I booted it over 2k revs. Changed the pressure switch out and it was fine after that.
 
Turns out i'd got the wrong pressure switch this morning had the one rated for 0.3 bar in the hole for a 1.3 bar switch. Oh well you live and learn i can now rev it and get some boost on the go.