I thought I had high oil pressure, When I would rev the engine the oil pressure would max out on the oil pressure guage. Luckily it just turned out to be loose connections to the oil pressure sensor. I tightened the terminals and the problem went away.
It means exactly what it says, low oil pressure. This means you should not drive this vehicle until you get the problem corrected. The oil pressure is not high enough to safely operate the engine. Otherwise you will have severe engine damage.
A Chevy Silverado truck which is experiencing high oil pressure has a defective oil pump or blockage within the oil passages. This can lead to engine failure as components will not receive adequate lucubration.