1998 Electra Glide Calssic ( EVO)
when I start the bike the oil pressure goes right to 40 and stays , the oil indicator light comes on and stays on (this just started) on the brief ride , the pressure gage would come down and the light would go out , then it would jump back to 40 and the light would come back on . Wondering if anyone had ideas on what the problem might be

 

Most likely a bad oil pressure sending switch, or a shorted wire between the sender and the light.

 

I would have to agree with jim, sounds like your sending unit is bad, or wire shorted...wires close to s.u get brittle from engine heat..

 

Remember - the gauge side works backwards from most auto applications. The light side is "open" when there is pressure, allowing the light to go out, which is common. However and the gauge side is grounded also with no pressure and the resistance increases as pressure builds. Take the wire off the light side and it will not burn, take the wire off the gauge side and it will peg out. So from the symptoms, it could be the wires are touching each other intermittently or otherwise not connecting properly as has been suggested.

Check them closely, those senders are nasty expensive and it'd be a shame to have a spare that you don't need....