I own a 2007 Chevy Colorado, 2WD, 5-Cylinder and the "OIL" display/light came on. I've changed the oil and replaced the oil pressure sensor and the light/display and dinging sound still came back on after driving for 15 minutes. I've heard it can be the PCV Valve that gets clogged. Where exactly is the PCV valve on the motor?
The PCV system on this engine is incorporated into the air filter housing and has no serviceable parts. If there is excessive oil in the air filter housing then the entire housing would need to be replaced as an assembly. The Oil light may be caused by a poor crimp on one or more connections in the wiring and there is technical bulletins pertaining to these poor crimps on the harnesses.
The only way to fix the harness is to re-crimp all wiring associated with the light at the instrument cluster, engine control module, and the body control module. The system can be scanned to see why the light is on and by doing a wiggle test at the wires for the light at all the modules to locate the bad connection. If you would like to have this done, have a certified technician, such as one from YourMechanic, diagnose and repair your Oil Light.