Check your idle speed. Sometimes if the idle is too low the oil pump can not achieve the proper oil pressure and the light comes on. Then as soon as engine speed picks up the oil light will go off. If you are right on the edge of low oil pressure then it can be a "sometimes it comes on and sometimes it doesn't" situation. Some folks lower their idle speed to get that loping engine effect.Also its not unusual for your RPMs to dip a little on a hard stop. Do a few more practice hard stops and listen closely to your engine and watch your oil pressure light at the same time.
Taz, sounds like, given that the oil is up, idle is high... and it doesn't prove to be a faulty sensor.. you may have a bare spot on the sensor wire that slides fwd and grounds out and lights the light. You could try pulling fwd on the sensor wire and see if that sets it off or Swap sensors with someone else, if you still get the same thing, that would be my best guess. If you have a different result, I would suspect maybe something in the case sliding up and blocking(partially at least) the oil filter/pickup. Hopefully it will prove to be something simpler. Good luck.
HG, I'm out there all the time! Taz, now that I'm thinking about it, you haven't recently put one of those magnet balls in your oil filter, have you? It could be running forward and partially blocking the filter.
This is just a thought but, the oil light only comes on when you are braking hard so, While breaking hard, the energy created while breaking will force the oil to the front of the engine. With this in mind, I don't know where the sensor is located but if it is on the rear of the block it would cause a false Low level alarm or if it is on the front it would cause a false Hi level alarm. Both of which will clear when the bike comes to a stop.Under normal riding condition's there is no oil light. I will try this on my bike to see if I can bring the oil light on by braking hard. I really don't think it does, so if I were you I would probably change out the sensor. I just have to therorize a problem when faced with one.