Occasional Oil Pressure Light for 2-3 seconds in my 318. Should I panic?

BTW...

The sender GROUNDS to make the light go on. A loose wire would not turn the light on UNLESS it is contacting a ground or there is a bare spot on the wires insulation contacting ground.

The liklyhood of that exhibiting the symptoms as described are rare but posable.

Wire moving during breaking or turning contacting ground.