Both my R1'S and my gen 1 had the same oil light problem, but only when it's cold and level is somewhere in the middle. If I top it up to the max mark, it doesn't happen.
When the light comes on as I'm rolling along, pull in the clutch, flick the kill switch off, and let the engine die. Kill switch to on, and restart. Light goes out and I just carry on without any further incident.
Get home after the ride and top it up.