So....I'm posting this to help anyone else out there with a similar problem.
Over Memorial day, the family and I got a tow back to the hill. My first tow since I was a teenager.
I kept getting the four beeps, every two minutes, (mercury code for low oil). Oil tank was full.
I did my phone a friend thing and got lots of advice, which I tracked down and checked out. It ranged from shorted out sensor, to broken alternator bolts, (there was a lot of slack in the belt when running, and a flat spot on the pulley), to oil tank issues.
I replaced my belt, and tensioner pully, and the oil sensor, (which no one has ever seen one go bad).
Turns out the sensor is being activated by the float. There is a small magnet the size of a 5/16 washer on the bottom of a float that rides a spindle the sensor plugs into. The oil dissolves the glue that holds the two together, and the magnet falls to the bottom of the spindle, activates the alarm, and causes the motor to go into limp mode.
The only recourse is to order a new tank. I found them from $500 to $250, (you have to look really hard for the $250 ones).
Short term, I took my old sensor, cut the wires, and wire nutted them together to bypass the magnet/low oil alarm/limp mode drama. Long term, my new oil tank will be delivered tomorrow and I can get that low oil alarm when I for real have low oil again.
Hope this helps some one. You're welcomed.
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