I have a Toyota Corolla 2002 1.6 VVTi model ... Few days ago light for oil started to blink ... When I turn on the car the sound of engine it's like car from 80' .... But after 50 meters it's all ok but still shows me the oil light .... Guy who works about cars told me oil is fine ... Dunno what to do,,, pls help !

Have you checked the oil level? Will the oil light come on at idle?

21/07/13 - We had the similar problem with our toyota corolla 1.6 vvti 2002, i.e. the oil light flickered, after topping it up it would only last a couple of days.
We had a nightmare experience with the car, as we travelled from Bristol to Birmingham, i.e. the oil light came on then the engine light, we pulled over and topped of the oil, and then it kept coming on, in the end the car started to sound like a diesel engine and smelt pretty bad, we managed to get to my uncles garage, where he took a look at it and unblocked something under the oil filter, not sure exactly what, but he said it was preventing the oil being distributed to where it need to go. Sounds like engine sludge to me, he first thought it needed an new oil pump & even asked us to look for a new engine. We have had it cleaned out and its been two months and the light is back on. He did say that this car needs to be topped up with oil pretty regularly, probably every 2 weeks.