Yup. It's common for the oil to run to the side of the oil pan and allow the pump to momentarily suck up air. Since air compresses, it can't build up pressure, so the low pressure warning light will turn on until oil starts getting pumped again. That just takes a few seconds. That's not enough time to do serious engine damage.
If you're hearing a ticking noise up high in the engine, that is from a lifter collapsing from the air in it. It will pump back up in time. Normally that only takes a few seconds, but I had one car years ago that had one lifter that took about 30 miles of highway driving after every oil change before it would quiet down.
If you're not sure where the noise is coming from, have a mechanic take a quick listen for an opinion.