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It's common for the oil pressure senders to fail. But you've already replaced yours, so it aint that. How many miles on the bike? Out of curiosity, how did your old original cylinders look? Was the chrome flaking? Normally, low pressure would either be the pump or main bearings. What oil are you running?
I spent most of my working life in industrial instrumentation so I know what a pressure switch should be likeThese automotive switches are C--- The movement in the measuring element is microscopic.It's little wonder they are unreliable.Just check the wire is attached, unplug it and the light must go out.Consider adding a pressure gauge 0 - 100 psi it will operate ~60 psi
... I used to have an oil pressure gauge but decided it took too much attention away from attention to not crashing so a reliable “replace bearings “ light is what I prefer. A temporary gauge is a good idea.
@moto: Thanks for the clear explanation.... I was curious if blockage in one of the passages around the oil filter in the crankcase could lead to low pressure at the pressulre sensor.