If the oil lamp is not lit, then it's a gauge/sender issue. Had the same thing on my 11 TRX. It was the sender. It's very close to the front down pipe and the heat damages them. In my case I had been caught in a traffic backup on the slab and once I got moving again I noticed that the gauge was laying on zero. I pulled off and realized that the oil warning lamp was not on and that it would come on with KO/EO. So I rode it home and took it to the dealer the next week. Lady at the desk said it was something they were seeing on the 10-11-12 scooters.
I'm really not impressed with the electrical systems on late MoCo touring scooters. I've had three failures now. Brake switch, oil sender, and a short in the running lamp circuit. And lots have had charging system issues. The shorted wires were from a sharp piece of casting flash in the RF marker lamp housing. Seriously, how this was missed when the lamp assembly was put together is beyond me. Left me with no tail lamps, 150 miles from home, in the dark, and trying to stay ahead of a winter storm. That one really pissed me off.