Here is a recap as my various posts and threads on this are begining to blur...
A year ago, my CEL came on with a bad O2 sensor code. The sensor was changed and the code returned. I never did anything about it as I am either too busy or too lazy to deal with it (depending on the week).
Recently, my oil light started coming on intermittently once the engine warmed up. This is far more worrisome than an o2sensor code (especially if your mpg is still fine). I took the car to the Dealer near my office. His wanted to change my oil sensor and do a whole bunch of other stuff that was unnecesary for $1300.
I dropped my car off at pep boys and had them do the 60,000 mile tune-up and swap the o2 sensor (I forgot it was changed before) and replace the oil pressure sender. The CEL and Oil light were back on shortly after I drove off the lot.
I then took my car to a local mechanic who is a former stock car racer and master mechanic who has custom built a twin turbo 302 capable of pushing his Pantera to 230mph. He pulled out the oil sender and showed me that it was never changed (Pep Boys is going to get their ass kicked!) That problem is now fixed. He was unable to solve the CEL problem. His diagnosis was that the only likely cause left was a bad PCM.
