personally, i'd get a code reader on it sharpish, and find out whats actually going on... a red oil light is a bad thing.
last time i saw a red oil light, the damage was already done to my bmw M54 engine, which went bang shortly afterwards. admittedly it was my fault for ignoring the yellow low oil light, and running the engine dry... :roll:
but yeah, i really wouldn't drive it without diagnosing exactly what the problem is. if the oil pump is failing and not creating oil pressure then having a full sump of oil isn't going to stop the engine going bang.