Fear not Michael, you don't have a problem. That light is a level indicator, not a pressure warning. This has caught out many an Yamaha R1 owner, because it's so sensitive to hard acceleration and wheelies when the level is a little lower than perfect.
The pre-2001 Yamaha YZF-R1 also used a lot of oil compared to modern machines, up to half a liter every 1600 kilometer .
Obviously, being an Yamaha R1 it spends most of its time on the rear wheel or accelerating at a blistering pace, causing that little light to work harder than we have in years. Keep the oil topped up and you should be fine....
I've just bought myself a 2001 Yamaha R1 and need a bit of reassurance. The motorcycle shop told me not to worry, but hearing that from a Thai mechanic - makes me worried.
For some reason, the oil pressure light keeps flickering, then occasionally it stays on for ten seconds or so. Strangely, the oil level is always fine, a little lower than perfect but never below the bottom mark.
I can'f find an obvious leak to explain the loss in pressure and slow drop in the lever either. The bike seems to be running fine, so could it be a faulty sensor or have I got a bigger problem? Thanks, and all the best...