Low Oil Sensor/Please Help

What is the process in determining what is setting off my low oil alarm on my Yamaha 115 v4 1997 outboard. Main oil tank is full, reserve on engine is full, engine has extremely low hours (under 30). Consistency of oil sample looks as good as new. Haven't taken it out in 10 months, previously while running engine on the water alarm sounded and then disappeard. Recently in the driveway (prepping for a trip - with water flushing through ports) Alarm sounded with sensor light on and kept doing so after every re-start. Engine starts on a dime, and never had any other probs except this one.

Anyone Please help.

[jb123]

which gauges do you have,how do you know its not an overheat ?

I have two red indicator lights, not gauges - on the console, to the left is the overheat-to the right is the low oil.

[jb123]

does the engine actually go into rpm reduc when these red lights go on ?

No , rpm does not seem to be affected.