201 Lincoln 4.6 v8,no oil pressure,was fine when shut off last nite this morning no oil pressure??

Oil light is rather important it goes out if oil pressure is good comes on if oil pressure is low when it comes on damage is expected with continued operation like wearing of main bearings and pistons and cylinders can lead to a engine rebuild

No engine Oil RESET:

I have had & serviced a 2000 Lincoln & 2004 Lincolns....
(and the FACTORY WORKSH MANUALS FOR EACH)

Performing every oil change myself.

If you have an oil light and your engine is not clattering
you might want to consider replacing the oil pressure sender switch ...

ELSE
You have an Oil Pump/worn-engine issue to be looking at...
(FREE schematic assessable at BBB Industries site at very bottom (Real diagrams = registration required).

2003 LINCOLN TOWN CAR 4 6L V8 Oil Pressure Sender Switch RockAuto

More Information for MOTORCRAFT SW6357

Lifter noise is typical of an oil pressure issue, or when oil channels are clogged from infrequent oil changes.
You can start by changing the oil and REPLACING THE FILTER. Marvel Mystery Oil or other oil treatments will help clean the oil system and quiet the lifters. If an oil change and crankcase oil additive helps quiet the noise, change your oil every 500 miles for at least 2000 miles, and the lifter noise is likely to stop.
Are you getting a CHECK ENGINE light, or an OIL PRESSURE warning? Have ODB codes checked, and be prepared to replace the oil pump or oil pickup tube, especially if the car has over 150,000 miles. Once you have correct the issue, change oil more frequently.

more likely when the oil is cold and thick than when hot
try a 30w-50 grade oil to see if the oil pressure is maintained
if not it indicates a worn motor bearings and hydraulic lifters

check oil pressure ...lifters may need to be adjusted also change oil

most likey a wrist pin bad or cam bearing and last a rod bearing you need a stethascope to locate it ehrn it's knocking. could even be a pully or belt tensioner.

FIRST press and release the setup button to display oil life= xxx
then press and hold the reset button for about 2 sec it should then display oil life set to 100%
--------------------------------
Just pressing the reset button when the change oil light comes on while driving will not reset the computer

Sounds like lack of lubrication on the camshaft, especially if the sound goes away after 10 sec. or so.
If you are on a cold climate, shift to a lighter oil weight, such as 5W-30. Other option is to use commonly available oil superlubricants/ additives. Origin of problem is that oil gets drained down during the night, camshaft gets dried up, and on first start in the morning, oil pump works hard to pump the heavy oil to the top of the engine. On hotter climates, some oil stays attached to the camshaft and valve lifters.

I would not believe any thing some parts store loser told you. Theres not a V8 built that doesnt have hydraulic lifters, unless its some fancy racin engine. It has hydraulic lifters, but unless you dont change your oil every 5k miles and/or use some cheap oil, there should be no problems. You should have a real mechanic look at it, and verify that you have good oil pressure. If it does, I would change the oil and use some MOBIL 1 and drive it, the oil will clean the lifters somewhat. If the eng has low oil pressure, that will need to be addressed.