I am suffering the same oil light problem everyone else seems to have on the 99 R1...

the damm thing wont go out...

Unplugging the oil level relay under the seat puts out the light...will this cause me any other problems (battery draining etc?) or will it just turn out the light?

just turns out the light. No harm at all.

sweet, thats the solution for me...no more retinal burn 4 me...

On the 99 through 01 R1's it is often necessary to run a little extra oil and it solves the light problem. The problem is especially bad if you wheelie alot or ride real hard. My wife currently rides my old 00R1, and I still need to keep atleast an extra 1/2 of oil at all times :fact Have you tried adding a some extra oil :dunno