I'm having the same problem. While driving my temp gauge will redline, oil temp light will light up and then temp will drop and it settles back to normal. Sometimes it stays "hot" for only a second or two before dropping back down to normal, sometimes it stays for longer and thats when the oil temp light pops up. I pulled over once while the gauge was still reading hot and was able to hold my hand on the radiator, it was not overheating...

What could be causing this?