It sounds as if you have low oil pressure. When the oil is cold (and hence thicker) the oil pressure is ok. When the oil gets hotter and thins out the oil pressure falls.
Probably the oil pump is worn, or the pick up pipe in the sump may need cleaning. I'd suspect the oil pump.
Another possibility is that the oil pressure sensor may need replacing. However, from what you say, it seems to be working properly.
It needs checking out properly before serious damage is done to your engine. However I'd start by doing an oil and filter change now. Fresh oil may cure it.
ChicksFan
December 2011