Low oil pressure, maybe due to a dirty filter.
First I would say you are low on oil and second the low oil sensor is located on the back sided of the oil pan, so when you decelerate what oil is in there sloshes forward and uncovers the sensor which makes the light come on. When you accelerate the oil sloshes to the rear and covers the sensor again and the light goes out
If the light flickers at idle speeds such as stop lights or heavy traffic, your engine is probably sludged up with bad oil from poor maintenance. Although I had this problem after oil changed because the oil galleries on these engines are so thin there are usually oil pressure problems that Chrysler refuses to make a recall for. Could be your oil pickup tube screen is clogged. First of all you have to check your oil dipsick when the car is on a level surface and has had about 2 minutes to cool down. If its low, add oil and see what that does. Check for any leaks. If the oil is dark, thick and possibly full of metal shavings or deposits than you have critical damage to your engine and you have probably neglected it. These cars are very sensitive to oil changes and they must be done at regular intervals of about every 3000-4000 miles. Higher mileage engines every 3000. Check your oil regularly. As for the light coming on, if you have a high mileage car, try switching a higher weight oil like 10W 40. After a few hundred miles it may correct the problem. Some additives made by STP and other brands have oil system cleaners and I would recommend you use one. If your car idles rough, have it checked out as you might have some serious damage already.
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