put a pressure guage on and check it as soon as possible even though the light goes out at the higher rpm you may only be running 10-15 psi in the motor,if the light is not coming on at idle when cold but does when warm I would suspect a more serious problem,may be the pressure relief valve is bypassing.
Do not drive it any more till you get it checked out hopefully it is something simple and cheap,a couple of years ago we had a contracter working on this job laying fibre optic cable he had just had the motor overhauled and had the same problem at full revs there was only 8 psi some idiot had used way to much silicone to seal up the sump it had gone through the motor blocking most of the gallaries.
There is only one good use for silicone and it is nowhere near motors
disco seriesII mods so far:-bullbar,hyd winch,
detriot locker,lsd front,C.D.L kit,chipped and bigger intercooler,2" lift,rock sliders, lsd in transfer case, modified auto trans.
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