This is because the oil is being pushed to one side of the pan away from the sensor, and thus it senses ow oil.
On my C280, there is a time delay built into the system that prevents the light from coming on in hard cornering. I don't know whether or not the 300E has a time delay built into it that is not working on your car, or if the light coming on is normal. If you are sure the oil level is correct, then it should not be a concern.
1999 Dodge Ram 2500 Cummins Diesel
2002 Harley-Davidson Fatboy
Merlin Extralight w/ Campy Record