So, look in your owners manual. Mother Mopar said this was acceptable! OEM Mopar light senders were either 5 or 15 PSI. Personally I wouldn't get too excited and just throw a set of bearing inserts at it sometime this winter. Plastigauge will let you know where you stand. Since Mopar V-8 bottom ends were pretty stout, and oiled well, I would guess your engine either has a lot of miles, had infrequent oil changes sometime in it's past, or both.
Now, if this light comes on going down the highway its no longer a "low oil pressure" light, it's a "you just bought an motor" light.