experiencing similar issue here, oil light comes on and bleeps as soon as you go over 2k rpm, red flashing oil can stays on, the car has done this since owning and was told it's a sensor. Oil level is perfect, I changed the oil and filter on saturday which was well needed by the look of it. I think I'll try a pressure switch for starters and check the breather pipe, I think it'll be a case of trial and error.
Many thanks for the info^^