Rcguy, your info is correct with regard to the OPS. I think I gave bad advise above...
I reread my notes about this issue and it seems I misunderstood the problem a bit. Apparently Seadoo has had problems with both the OPS and OTPS which provide totally diferent functions. The OPS measures oil pressure, and the OTPS measures the crankcase pressure which should be controlled by the TOPS valve.
If the OPS is triggers the ECU is should display the oil light and 2500 rpm limp mode. If the OTPS triggers the ECU then check engine light will come on and you get 5000 rpm limp mode. There are also codes associated with this problem as well, but they tend to go away after you shut the engine down/remove lanyard. In other words most of the time they are not stored so you must read them while the problem occurs which is difficult if it is intermittent.
There is a good write-up about this issue and testing procedures on a rival site and I will try to post the link but may be shamed by moderators for doing so (sorry):
http://www.pwctoday.com/showthread.php?t=69038&page=2
I have also uploaded some PDF pages from seadoo tech update that describes troubleshooting procedures
Again, I am not saying that this is your problem because it is difficult to know without the codes. It is a pretty simple and low cost solution to try though. To recap, based on your issue probably not OPS since you do not get oil light. More likely to by OTPS since you get check engine light.
Thanks for setting me straight, sorry about posting misinformation. I'll also update my post above...