Wolfie
As per post, this sounds very similar to an issue I had with my Turbo whilst at the Ring last year - the oil pressure starting swinging around erractically and at tickover the oil pressure warning light would come on.
If you read the FAQ/ troubleshooting section of Clarks Garage, it does suggest that when this happens it's most likely the oil pressure sender unit that's failing.
On your post you mentioned that the oil pressure gauge is still functioning OK. The pressure sender has two separate feeds from it, 1 = varying pressure signal 2 = the low pressure warning light. Before you rush out and buy another sender unit, it's worth checking that both wires are firmly attached and not chaffing on anything - both the wires go close to the block and the front of the engine where it can get very hot, the pressure sender often gets coated in dripping oil from either the PAS system and/or filter changes.
If you do have to change the sender it's not a big job, just very fiddly you just need the correct size open spanner to remove the sender = 24mm