I have the same issue with my 2003 d2. Oddly enough, I noticed that if I leave it parked on an incline , nose pointing downhill,I don’t get the red oil light. If it’s parked facing uphill, for a while, the light can be on up to 30 seconds. Yes, I checked the oil level On level ground!
Not sure if I am going to dive into it further as it runs fine afterwards. Has 175,000 miles on it and I am considering an LS swap or “top hat” remanufactured engine so any effort put into this one seems like a waste of time.
sure seems like more oil in the front of the pan makes the difference.
Also, if the light comes on at a cold start ( cold being a relative term in Florida), and it stays on more than ten seconds or so, I found that turning it off for a few seconds then starting again also results in the light going out.