I can say although mine has never had a blinking oil pressure light, it has had an issue with it just dying sometimes when I put it into reverse and just touch the gas. It always starts right back up. I will also say when I checked things out I found that my air temp sensor..AKA mass air flow sensor was covered with air filter oil. I cleaned it with the proper cleaner and it quit doing it...and that makes no sense to me...but it did. And when it started doing it again I found it covered with oil again...cleaned it and yes..it stopped..again. Now after I clean the filter in the box(I have two) I use a better quality foam filter oil, Fab-1, and roll-up a paper towel inside it to get any exta that might be there. Haven't have the issue sense.
That sensor being covered with oil shouldn't kill it like that and it's probably more the TPS and/or ECU mapping but...cleaning it works for mine.