Low Oil idiot light on 95 Formula

My Low Oil idiot light has been on in my 95 Formula for about 2 years now. Everyonce in a while it actually goes out. It's never been low on oil though,
any ideas on how to fix this.
I remember reading somowhere... where a car compnay fixed the same problem by installing a new dip stick where the level was called for to be higher.
However I think this is the sensor, since the ABS INOP light came on, and all that took was a little contact cleaner on the fuses and Relays.
The Cruise Control is currently acting up too, it working when it wants to.

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