It was only after scanning through some circuit diagrams that I recalled your query & I went on a hunt for the appropriate pages.
Fortunately, having found it I can confirm it doesn’t get involved with the Pektron box of black magic, it takes its simplicity more from the Lucas school of battery bulb & switch warning indication; more Milk Tray than Black Magic.
The switch is mounted adjacent to the oil filter, which is to the left of you near the exhaust down pipes, if you are scrabbling on your back, head first, with your nose just having received a second degree burn from the back box, it’s by your left shoulder. Let it all cool down before you start.
The switch is normally closed, with it opening when the pressure builds, thus extinguishing the dash lamp.
Our friend Delb’ commented saying that it could be a poor contact, sadly in this circuit configuration a poor joint would only show if there was no oil pressure & who would know!
First port of call is obviously to change the switch, my guess is that will cure the problem.
If not get a proper pressure gauge on it.
When you change it you will meet oil, be prepared & be quick with the change but don’t be so quick as to cross the threads.
M