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I would recommend changing the oil and filter, using the correct oil. It's possible the wrong oil could cause the noise. Wait and see if the oil change has any effect on the oil pressure reading. If it doesn't, change the oil pressure switch or sending unit.
depending all that is done about $300 dollars thats 12 lifters test 12 push rods replase rods $4.00 each rocker arm cover gasket oil filter and oil change afterwords. This does not include any replacement of oil pump or flushing which may be required, also would recommend a top engine clean before doing lifter replacement so when you change the oil once.
just about run in ,mobile tanks on wheels these motors ,but iam not sure where it is ,i change one a while back because it was leaking ,know it was on the side where the oil filter and it was level with the oil filter because the oil gallery is level with the oil filter
you need to have oil drain pan and a oil filter and oil filter wrench from any discount auto store. Is best to invest in one as Im assumed you going to change your own oil in the future. its fairly easy..no task at all. you will need to get the truck up in the air a bit so you can get under and get to the oil drain bolt. another items is good to investment is a car ramp cost about 30 to 40 bucks you can drive that car right up it and have plenty of room under. Don't get mix up with transmission plug and oil plug. Once you get underneath of it you would be able to tell and see one big bolt located on the bottom of the pan. Get a set of wrench I prefer a rachet so you don't round the oil pan bolt. Counter clock wise to remove the bolt. Look at your owner manuel book to see what proper grade of oil to use and the amount and make sure do not over fill it; overfill it can blow a gasket and seals, keep checking the dip stick. Most places offer 19.95 to 29.95 oil change and its not even worth doing it yourself even though they don't use the best quality of oil. Oil filter run around $8.00 and 6 quarts of oil $2.50 each come to $ 23.00 bucks saving $6 bucks for labor is not worth it. for me I would pay anyone $6 bucks to change my oil any day. I hope that help some ..good luck!
If the engine is not making any ticking noises while light is on, it's likely that the oil pressure sending unit is going bad. Generally, it's located near the oil filter, but every time I tell someone a location, I'm wrong. (can't remember everything) It's not hard to find and anyone at a decent parts house can point it out to you. good luck also check that the wire going to it is not chafed and shorting to block!