Oil pressure switch

[His Dudeness]

It might not be buggered it might just need to be cleaned. The float could be sticking or the wire going to the switch or a pin in a connector could be grounding.

On a side note there's some nice pictures of a R6 oil level gauge. The ring terminal is bolted to the engine so that is permanent ground. The float moves up and down on a shaft, when the float gets low enough it connects the ring terminal and the wire so the wire is grounded and your light comes on




There's the fazer one

Just to add to that in case any one finds this doing a search. The float has a magnet in it. The shaft that the float moves up and down on has a reed switch in it like in the picture.




When the float drops the magnet pulls the reed switch closed and that creates the path to ground for the oil light.