Low oil pressure. Such as a bad oil pump.
Normally caused by failed oil pressure sensor. It is located on the back of the block.
The light is not an oil light, it is an oil pressure warning light. It is on because you have low oil pressure. Stop driving this vehicle until you find out why the pressure is low. I would start by replacing the oil pressure sending unit as it may be defective. It that does not solve the problem then seek professional help.
If it it a change oil light it is telling you it is time to change the oil. There should be another light that is the oil pressure light.
light diesel oil
Put enough in to reach the full mark on the dipstick. If the oil light is on you either have a leak or the engine is burning oil.
Bad sending unit
You do not reset an oil light. If the light is on, then you have low oil pressure. It will go out when the oil pressure is sufficent. Check the oil level. If it is full, then you have a problem an should seek professional help. Do not drive this vehicle with the light on.
probably moisture, not good Oil level over full
A low oil level can cause the oil light to blink on a 1995 Honda Prelude. A faulty sensor can also cause this.
Check Oil Pressure Switch. It's about $60 at Toyota
your oil sending unit is bad
The light you refer to is not a low oil level light. It indicates low oil pressure. You may have plenty of oil in the engine but you have low oil pressure. Can be weak oil pump, worn bearings, or can be just a defective oil pressure sending unit.