It is acceptable for the oil light to come on when the engine oil is hot, at tickover. This is because as it all happens in an instant it is not generally realised that the light is set to illuminate 'til the oil pressure reaches about 1 bar, to give an earlier warning of low oil pressure and give the alert driver a chance to switch off an prevent secondary damage. Check the gauge to see if it is showing about 1 bar, or at least 4 bar at 5000 rpm. Water from the water jacket leaking into the sump at the point of failure of the head gasket, if left unattended can result in the oil floating on the water. Where is the oil pump pickup? At the bottom, so the pump can end up circulating an emulsion of oil and water, which wont help maintain oil pressure. That said, when the gasket went on my first 924 in 1988 I elected to drive about 30 miles (at reduced speed) replenishing the water as necessary when the temperature gauge started to creep up, and I found the engine fairly forgiving of that kind of abuse, and once the engine was up and running again it seemed to have suffered no ill effect from the experience. I changed the oil, and drove it as hard as ever (one memorable occasion saw me stopped by a police motorcylcist in 1991 on the A3 for going so fast the guy on the bike couldnt keep up through the sweeping bends going towards Petersfield, and he gave me a right bolly when I slowed down for the road works, but no prosecution) for a further three years until I decided to put in a different cam and did a full rebuild at the same time.