If a new low oil pressure switch isn't the culprit, you really shouldn't be riding it until you get it fixed .
These bikes put out a lot of oil pressure, even at idle, I don't know if it's true, but I have seen the value that this switch turns on at posted, it's around the 3-4 psi range .
There's a filter bypass valve in the oil filter cavity area, it's just a spring loaded metal ball, if you're in there checking the oil filter o-rings and filter, may want to give it a quick look .
It's at the far end of the cavity, just to the right of the long tube that goes through the oil filter .