Check oil light blinks then stalls?

'98 Olds LSS, 3800 N/A.
Once mid last week on the Skyway (at 100kph) she sputtered for half a second, the 'check oil' light flashed one time, and she continued on home
without further incident. Today while sitting at a red light, the check oil light again flashed once and this time she stalled out. A quick slap-'er-in-neutral and she fired right back up, cranking slowly for the first rev or two before she caught on. The CES light didn't so much as blink either time, and the oil level is fine. Any possible causes of this behavior?
I'm not sure if it's important or not but for both occurrences I did have my Carchip datalogger connected to the OBD2 port both times, as early last week I had a couple of issues that had been throwing the check engine light (nothing a tune-up and a new rear oxygen sensor didn't take care of). The Carchip didn't log any codes or anything odd during the 'check oil' incidences. It has since been removed from the car in hopes that it was somehow responsible.
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Is this the oil level lite or oil pressure warning?

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Sorry, oil level light.
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If the oil level is correct replace the oil level sensor and check it's wiring..

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The oil level was in the middle of the dipstick, right between the full and add marks. I have since brought it up to the full level. Is it normal for the engine to quit if the level did drop too low? A self-preservation feature perhaps, but a horribly inconvienent one.
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If the level is correct as you say it was then the oil level sensor is probably or connections to it. Usually the oil pressure or level light will kill the engine to prevent engine damage.

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Really? I hadn't heard of that before. What a horribly implemented feature. One could be stuck out in the middle of nowhere because they're just a drop of oil too low, or it could die at a busy intersection as it did last week. It wasn't even near the add line. Ah well, that just justifies the extra litre of oil I tend to carry in the trunk...
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