This is normal problem with Yamaha motorcycles, not only with ROnes. The indicator checks level and does not work properly. If you fill up to top level, the light will
disappear. Just check, whether you have enough oil, and continue to ride.
It happened a couple of times during the first km of a very normal ride, no wheelies, no lean angles, just slow ride to warm up the engine. Even my dealer's test engine had the problem and my wifes Dragstar 1100 .
The 2nd day I took my R1 out the light came on and me and about 8 of my buddies all pulled over right away and they all talked me into trucking the bike home only to find out it must have been a glitch. As soon as we got the bike home we started it up just to see and it was gone. Day was kinda wasted after that... so just check your level and if you have oil in it you are ok to go.
As stated earlier, this is a common problem on some Yamahas, my Thunderace, FZR-RU and FJ 1200 all did it.
The switch is a level indicator NOT a pressure indicator, as long as you fill the oil up till there is just a small 'bubble' at the top you'll be fine.
PS: Remember to recheck more often after an oil change.
My R1 does this all the time. It seems espcially prone when the oil has a little mileage on it. Not dirty but not clean either. I have a 99 and it appears that there is no problemwith the motor. Run her!!!!!!!!!!!!!!
Where the hell were all of you when I asked this same question a freakin year ago? My R does the same thing but I noticed the problem after doing wheelies. Now the light shuts off only briefly then its back on. I must have fubared the sensor because topping the oil to the tilt doesnt help. Yamaha should have recalled the problem bikes I think.