The other day I was driving my turbo II home and my oil pressure gauge was just above the bottom mark. It then when back up after a minute or so. Engine has oil, no leaks. When restarted gauge was working. Then pressure dissapeared again. Engine is less than a 1000km's old. No smoke. Not using oil. Not running hot.
Could it be the gauge or oil pump. Any ideas?

 

Check it with a real gauge first.

If that is not an option I would replace the oil pressure sender first after cleaning all the contacts both on the sender and on the gauges

 

I panicked when I saw constant low readings too. I replaced the Oil Pressure Sender Unit to no avail. I suspected the Oil Cooler By Pass Valve wasn't opening when Oil was normal temperture.

Anyway, after Installing an Oil Pressure/Temperture aftermarket Gauge, I learned that the readings are well within spec and proved the stocker one wasn't built very well, as I've been told so too.