Monte it is the oil pressure sender.
Mike
Just like that often cussed Neutral Switch that is so hard to access, the OP switch has crimped aluminum around the plastic body. Several folks, while replacing the neutral bugger, use either epoxy or JB Weld to seal the joint between the two materials.
I don't believe that you could clean your existing OP switch well enough to create a reliable seal. I would suggest you purchase a new sender and treat it to the JB, or similar, fix. If the gray 'glue' bothers your aesthetics, a bit of black paint will make it look "factory".
BTW, BMW Mottorad doesn't make this switch or several other items on our bikes. Contracted out; often to the low bidder. I like Motobins as their delivery to Tejas is as fast, or faster, than some vendors north of the Red River.