Having the same problem with an International 3444 with a BD 154. I pulled the sensor and check to she how much oil flowed with engin runing and engine cold. Pumped out a lot of oil. After about 15 minutes of running light glowed dull. Idled down and light came on red. I have no knocks or smoke. I pulled the sensor and still have a good stream of oil blowing. I purchased a guage today and intend to install it to see just what pressures I do Have. Have my fingers crossed. If pressure is still up then it was the sensor. If not I don't know where to go net.
Ruben
July 2009