Thanks everyone for you responses.
I was a little concerned after adding oil to the tank and saw that it was bone dry. Thought there would of been a little bit left since the light had just come on.
After further snooping around, I realized there a second tank mounted on the side of the engine still full. That I guess I can call it being the reserve tank. Looking at the size of reserve tank, next time I think I would be ok if light comes on again to run for another half tank of gas before getting into real danger. Of course only do this in emergency situation.
Another thing I learned was once you are into the reserve tank, you must fill the reserve tank first before filling the main tank. Air gets trapped between tanks and oil light will always stays on. Another way to get the air out is to run the engine and remove cap from reserve tank and you can see the tank fill up. Once tank reaches full then screw cap back on and air will be removed. Oil light should come off.
I'm a newbie to jet boats and 2 stoke engines. So I'm learning as I go. Always had regular I/O 4 stroke boats. I didn't think there was much difference between the two, but theres a difference. Jetboats handle so much quicker and plane out so fast but docking is a pain. Also cost of fuel+mixoil is almost double with same size boat and 4 stroke engine with prop. Yesterday I filled up fuel tank $161.00 and purchased 10 liter or 2 1/2 gallon tank of mixoil (Optimax DFI) from basspro for $151.00. This stuff aint cheap!! I would be lucky to get 8 hours on a full tank. Also got my first taste of weeds with a jet boat, lost half propulsion. Limped back to the trailer and cleared the twisted twines out. This was never a problem with my prop boats just shallow water and rocks was bad if I didn't see it coming.
But as the old saying goes "you get what you pay for" and I love this thing. Only had this boat for less the a month and I think I've done more boating this month than I did with my old boat in the last 10 years. And I got a great tan to show for it!!