You checked the oil level. The warning is for oil pressure. Lack of oil pressure WILL lead to serious engine damage very quickly, as in seconds, not minutes. Serious engine wear or damage can lead to low oil pressure. With no reason to suspect either of those, it is also possible to have nothing more than a defective oil pressure sending unit. The actual oil pressure should be checked with a mechanical gauge. If it is within the acceptable limits, suspect the sending unit.