I've got a 2003 X5 4.4 with 66K miles that is throwing this warning on the dash. It dings and turns on after the car is turned off.

Here is what I have done thus far without success:
Checked the oil level and this is good (oil was recently changed after the replacement of the valve cover gaskets)
Replaced the oil level/condition sensor in the bottom of the oil pan ($175)

Do I need to reset the computer somehow or start looking at other possibilites for the light?

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2010 BMW 335i
2009 Lexus GS350
2004 Comp Orange SVT Cobra Convertible