12v is applied to the instrument panel module and the sensors (light bulb in this case) is/are looking for a ground. The switch (oil pressure sending unit) should be short circuited, illuminating the oil press light until oil pressure is up to around 8# or so where the switch opens and shuts off the light.
If you pulled the wire off the sending unit and the light is still on, you have a short in the wiring harness or on the rear of the instrument module.
Pop the module and remove the oil pressure input wire. If the light goes out with the key on, the short is in the wire between the sending unit and the inst panel.....rats ate the insulation off the wire, or age did it's thing and the insulation cracked and fell off.
Otherwise the problem is in the instrument panel...circuit card may have gotten wet, or contaminated with dirt and all and shorted out.
I bought 2 recently off ebay, brand new for $80 ea., free shipping, one gen. driven and the other alt. driven, tach zero on opposite sides. Solves a lot of problems and looks great too. I don't know what they sell for at YT. Maybe I should have looked there first. I do a lot of ebay shopping. Just went there out of habit.
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Today's Featured Article - What Oil Should I Use? - by Francis Robinson. I keep seein this question pop up over and over again in discussion groups all over the web. As with many things there are often several right answers and a few wrong ones. Some purist I'm sure will disagree to no end with what I will tell you but most of us out here in the real world don't really care do we ? Some of them only bring their noses down out of the air long enough to look down them anyway. If you are like me you are only doing this old tractor stuff because you enjoy it. You
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