First off, I can't find it in the wiring diagrams. Ignition light is on Sheet 3, choke/low fuel on Sheet 5, headlamp main beam on Sheet 6. The oil pressure gauge is on Sheet 20, but it doesn't show the warning light.
This symbol:
is on the gauges, I would interpret this as low oil warning, but it's not the conventional oil can symbol for this (Google AI thinks it's a laundry instruction, "do not wring dry"!). The owners handbook is of the impression that this light simply doesn't exist.
I replaced the oil pressure transducer on the engine at the resto show in March. I'm pretty certain I wired the new one in the same way the old one was; conveniently the new one has the two tabs labelled "G" and "WK", I assume "G" is for gauge, and somehow "WK" is for warning light. The "G" is connected to a White+Brown wire, which is consistent with the wiring diagram. Inspecting the wire connected to "WK", it turns out this is a black wire (slightly home-made looking) that leads back to the earth point on the AB14. Which certainly doesn't seem useful in any way. I didn't put it there, maybe a PO did, but why?
For context, my gauge hasn't worked for quite a long time. I'd hoped that replacing the transducer (which wasn't cheap) would fix it, but no luck. I'm confident the engine does have oil pressure - it would have died a long time ago if it didn't! - but it'd be nice to know how much! I may need to revisit the gauge...