Just bought a 2008 Suzuki C50T. It has less than 1500 miles. It has a check oil indication andd the oil level is good.

I am not familiar with this bike but if you get stuck try looking for a sensor switch on the motor with a wire going to it, i can tell you that Harley Davidsons have a oil pressure switch, if this switch is faulty or the wire has come off than the oil light will come on. The worst scenario is that your motor has no oil pressure which could be serious so untill you find the problem do not ride the bike.

The sensor could be bad. More likely is an oil pump gone bad. Has the oil filter ever been changed? It may be restricting oil flow, thus activating the oil light.