Well I now know what the problem is.
I got the bike back together and tested the oil pressure, it was spot on so I took the bike out for a spin to try and see what was going on. Sure enough after about five miles the oil pressure light started coming on when pootling around but went off when accelerating or at higher speeds, new engine?
My last hope was to check for a short circuit as sugested by E.Marquez earlier in the thred, due to the nature of the problem I didn't hold out much hope. I disconnected the wire from the oil pressure sensor and turned on the ignition, there was no light as you would expect so I left it disconnected and made my way home. Pootling through town on the way to my house the oil pressure light started coming on in exactly the same way as before, on at low revs/speed and off when accelerating, proving that it's some kind of wierd short....
The moral of this tale is to do everything methodically and don't jump to conclusions. If I'd got myself an oil pressure meter in the first place I could have saved myself a lot of grief and my bike wouldn't have been off the road for twoo weeks.
Thanks to everyone for your help, all I have to do is find the wiring fault now.......
