I have a yellow/orange oil light come on this morning after starting up my car on the way to work. I know this is probably more common but wanted to come to you guys because your the best! I've searched around a bit and found that the yellow/orange light on means that I could have a bad oil sensor?

I just need an 'official' confimation on this please... can you help?

 

I believe the red oil light warning is for pressure and the yellow orange light is for level.
Check your owner's manual. Check the dipstick for the level.