I have the 2.4 D5 2008 version I have found out how to sort this out.
After changing the oil and re-filling to the 3/4 fill line the light comes on (engine service required)!
The sensors was changed as a point of caution this did not work as the light came on again after being reset!
Checked with Volvo who emptied some of the oil out, the scale on the dip stick has low to full which has crosses in-between, we (Volvo) have found as long as the oils not above the third cross the light stays off and everything's fine and then reset the service light.
This has been tested the garage I brought the car from didn't know this and has just topped up my oil and the light has come back on so needs emptying again and resetting!
Hope this helps.
Thursday, October 3rd, 2013 AT 2:04 PM