Great suggestion! And having removed and then re-installed the speedo and associated wiring when I painted the dash, for a minute I thought you might have hit the nail on the head. But I just checked and unfortunately it's green, not blue (my mistake).
The original owner's manual does say that the green oil light will remain on at idle and only goes out when the engine runs above idle speed. The owner's manual says the following:
“The centre indicator at the bottom of the dial glows green when the ignition is switched on and is extinguished when the engine runs in excess of idle speed.”
Not a very useful design, to say the least. Maybe if I gunned the engine the light would go off...or maybe it would stay on and I would just succeed in destroying the engine bearings.
I will try some of the solutions you guys have mentioned (for instance, removing the oil plug at the rear of the cylinder head to see if oil is pumping out) and if the results are positive I might try revving the engine.
Of course installing a pressure gauge would answer the basic question, but I gave up on that after being completely unable to first remove the existing oil sensor.
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