Maybe bad sensor, but MAYBE NOT. Maybe low oil level, maybe plugged return passages (starving), maybe pickup pipe is a little high, maybe bad pump or relief valve.
Don't take any chances - get a guage and connect it so you can watch what's happening. You can take out the oil pressure switch and turn the guage in there - may need a short piece of pipe or brake hose to bring it out where you can see it.
Does this happen when the engine is stationary (backhoe work?) Is the engine level? Try adding an extra quart of oil over the full mark and see if it does the same thing.
Don't ignore it - it can ruin your day, week, month, year.