2003 X5 4.4 Oil Pressure Light flickered then went away

[ArNarX5]

I just bought a 2003 X5 4.4 with 99K miles on it. I took it to the mechanic to have it checked out and he said everything is in order and the car is in overall good condition but has about 1500 worth of repairs that are typical of a car this age and miles (valve cover gaskets, knock sensors, oil change, diff oil change and belts & hoses). The engine has a mild knocking sound that I was concerned about but he said that is the sound of the lifters and most all 4.4's have it.

My mind at ease, I have driven the car now for 300 miles since with no problem what so ever. This morning I was at a stop and needed to make a quick left and took off a little harder than usual and noticed the red oil can light blinking at about 2700 rpm.

I took my foot off the gas and the light went off. Pulled over, checked the oil and it's full. I drove it to work with my eye on the oil light for 25 miles and not one single blink under various types of load. I'm thinking it can be either of the following:
* Bad oil pressure sending unit
* Short or loose wire?
* Actual low pressure while turning left but did not occur while driving straight (perhaps oil shifted away from the oil pump while turning)

Also, the Check Engine Oil light has been coming on since the first day and I've noticed it happens when the car hits an incline or decline. Not always, but 4/10 times. My mechanic said it could be the sending unit in the oil pan and we'll have to gauge it and see if it happens more often after the oil change and then replace if necessary.

Has anyone had any similar issues as I'm experiencing? I love my 4.4. I had a 06 3.0 and didn't think it was possible to get a lot more joy out of an X5 with a V8. Man was I wrong! It's a night and day difference!

[mrbmwx5]

Bad oil pressure sending unit.

[Hit Redline]

You should stand still when taking pics, running makes them blury.

So did you have the listed work done?

If not maybe the oil filter is in need of being replaced or it could be the sending unit as Mrbmwx5 suggests.