Yes the oil light should come on when you turn on the ignition, it will go off as soon as you start the engine. If the light ever comes on when the engine is running stop the engine immediately!

Use the search facility and you'll turn up a 100,000 threads on oil!!

Do this and settle in for a good read

 

Heck yeah... if it's idling fine now I wouldn't worry about it.

As for oil.... I like Rotella T6 synthetic 5W40 in the blue bottle and Mobil 1 10W40 silver cap car oil. It will run you around $23 gal. If you're on a budget, Rotella Dino 15w40 (white bottle) is about $12-13gal.

 

yes i have it idling fine now, as well as some seafoam coming for a few tankfuls. Thanks for all your help and advice.....i ate two bowls of popcorn reading oil threads........wow since i have no clue what was ran in it before i think ill go with a semi-synthetic, thanks again....looks like it'll be ready for the strip Saturday i can't wait to see what times it puts up

 

Well scratch the strip i guess, what a day. Apparently the previous owner used some JB weld on the underside left corner of the gas tank, when i wafted a snout full of gas fumes riding this afternoon i stopped to check and wow what a hack job...would it have been that much more expensive to get it welded? After 3 days of riding we had about a quart of oil missing....time to trace the oil leak as well, it doest smoke and it was noticeably wet right behind the front tire, hopefully its the filter gasket or something, gotta wait till first light to go to the welder, and trace the leak...i may still make it by Saturday though

 

Lines to oil cooler or the unit itself could be leaking man or maybe the valve
cover seal is farked.... easy fixes

Maybe you'll make Saturday yet