Check the oil pressure with a mechanical gauge. The pressure port is on the side of the cylinder head, drivers side, rearward. Single wire, push on connector.
Unless it has the 'domed' sender, it is a on/off switch.
If you have an oil pressure light, the switch opens with 5-8psi of oil pressure, closes, (turns on light) when less. If you have a gauge, the switch closes with 5-8psi of pressure, and allows juice to go through a resistor that will put the gauge needle 'in the middle'.
If you have the domed sender, the gauge reads an approximation of actual pressure.
If the CEL or SES light is enabled, read the codes. There are gadgets you can purchase to plug into the EEC-IV port, and read the codes. You can also use a VOM, preferably analog. The needle will move in response to pulses, which you observe & count.
Gnawbone: Any FoMoCo product built during(after?) the 1995 model year should have an OBD-II port to read diagnostic and trouble codes. In many states, you would not get a registration renewal with either light enabled. Hoosier State may allow renewals, but I'd bet they will soon be swayed by some group to require repairs even on FoMoCo products.
I have 4, and none have either light lit, though the Ranger doesn't have one... HA! (chuckle, its too old, but does have EEC-IV)
tom