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Not good, change your oil and filter and hopefully it will stop happening. Low oil pressure when the dipstick reads normal cannot be caused by a bad oil/air separator. High pitch noises from internal parts of the motor is very bad, hopefully yours is the alternator or something else turned by the serpentine belt.
If an oil change does not fix the light and the noise take it to a dealer.
What speed is the car idling at when the light comes on? Does increasing the rpm cause it to go out? Tell us more about the noise.
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1998 Boxster with 7.8 DME, 2005 3.6 liter/325 hp, Variocam Plus, 996 Instrument panel
2001 Boxster original owner. I installed used motor at 89k.
1987 924S. 2002 996TT. PST-2
Owned and repaired Porsches since 1974. Porsche: It's not driving, it's therapy.
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