it's ok that the light is flashing when the key is turned on as long as the engine is not running. the reason the light flashes when the engine is off is because there is no oil pressure when the engine isn't running. Now, if your light is flashing and the engine is running, that is a different story and you need to trailer your bike to a service shop to check it out ASAP because you will cause major engine damage if you run it with no oil pressure.
