The oil light means swap in a Buick 350 😀
i jest
If it's a 231, it's probably about to die. The 231 had an electric choke switched on by an oil pressure switch in the bock above the oil filter. 4psi of oil pressure closes the normally (when off) open circuit and feeds power from the fuse box through the switch to the choke. So, if the car is running, power to the choke. Cant run battery dead leaving key on or prematurely open choke by accident.
That light only comes on if there is a break in that simple circuit (or the choke element is bad, choke flap will be uh... flappy, even with the engine warm) and isnt holding the choke open. Or the engine is about to die. Or someone monkeyed with the wires.
if it's a 5.0 oldsmobile v8, weak oil pump is the only case as they use a hot air choke. no electricity there.
Also, tell us a little about the car. What engine, is it still stock, etc. Help us narrow down the issue.