New owner 2002 BMW x5 4.6is stop engine oil pressure warning wtf :(

[jpuga87]

So I picked up a 2002 BMW x5 4.6is "reverse slips" it's been sitting for the past two years owner couldn't afford to fix it, but anyways I'll get to my problem. I noticed small puddle of oil and it was smoking for the first days I got it. but it seems to have all cleared out. And now I'm getting a stop engine oil pressure service light. any help will be greatly appreciated I've searched the forum and couldn't find anything realated to my problem so lemme apologize in advance if this problem has been posted in past.