Yep - if it's the red light in the dash cluster that has a picture of an oil service can, then it is pressure. If it is the check control oil light in front of the sunroof, then it is low oil.
If it's the oil pressure light, then either the oil pressure is low or the sensor went bad. Do not drive the car until you figure out if it is truly low oil pressure or a bad sensor. You'll need to check the oil pressure with a gauge to make sure, just like Ron said.