I just turned the key to the on position, and the light on the pressure guage does in-fact light up red. I have NEVER seen this light come on when the pressure is below 1.
Now Is it the Oil pressure sender unit or could it be something else?

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Schettini
1996 S420 (45,00O)
1994 SL320 (96,000)
1992 SL500 (82,000)
1990 300E (183,000)
1993 300E (99,000) sold
1988 190D (125,000) sold