It is indeed an oil pressure light. Not sure if the link below will be visible. Heres the decription from the website.
"Low Oil Pressure Indicator Light All PORSCHE 911 / 964 / 993 & Turbo Models. Specially designed to replace and fit in place of the dash mounted clock - 80mm Dia. Black Anodized Billet Aluminum Bezel and bright warning light. Includes wiring to redirect from original oil pressure indicator gauge. Specially designed to get your attention when driving to avoid engine damage on low engine oil pressure. Ideal for Historic Race & Rally cars"
https://www.porscheshop.co.uk/911-oil-pressure-warning-light-clock-replacement-red-billet-alloy-race-rally.html
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