from the manual.
Oil Pressure Light
The oil light turns on when the oil
pressure is low or high in the engine.
Check oil as soon as possible. If lamp
remains ON contact an authorized Sea
Doo sport boat dealer.
CAUTION: Never run engine out of
oil. Serious engine damage will occur
i cut and pasted the info, hope it helps, obviously your oil level is low and should be checked.
rick
2005 Challenger