It sounds like the oil neds topping up as when you release the gas it will release the pressure causeing the light to come on, if the pressure is low then the top of the engine will not be getting enough oil. if the oil is topped up and this problem is still there then it sounds like the oil pump is not working to 100%
Hope that helps
Regards
Dan
Check your oil level if full at the full level line on dip stick you might consider changing your oil pressure switch.When these get really bad you will start to see oil spots under car when you pull away.
but is it hurting the engine? the manual book says to not drive while the light is on
As mentioned you should have your oil pressure switch replaced these cars are famous for it along with Chrysler's ,Neon,sebring,stratus,etc.Of coarse it is not ever a good idea to drive your car when you know something is wrong especially if your can is telling you such as your is doing now.However as i i mentioned when these start getting really bad they start to leak you will see oil spots under your car when you part and start it.Any real hurt to the motor well it is the blood pressure of the engine.
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