The light comes on with low oil pressure. If the level is fine, your oil pump may be failing, or just the sensor is off. Have it checking immediately. If the oil pressure really is going low from a failing pump, you could roast your motor.
No idea. The part itself is probably cheapest from Jay Marks Toyota, as is just about anything you buy that is a Toyota part.
For labor, it's up to you where to take it. It should be covered under warrenty, if you still have one. If you don't have a warrenty, look into doing it yourself. If you prefer someone else doing it, the last place is the dealership. They overcharge in nearly every case. Try and find some local import repair shop, and see if you can find one that actually has a guy working there who has done the job before.
has anyone come to this problem, im going to get it checked out, guy told me its probably the oil senser is off or its busted and also what the come out came out too, im hoping its just the oil presure senser is disconnected or off or busted. anyone???????
A failing sensor is pretty common thing. Just that the possibility of it being the pump (and thereby being serious) is there so you should get it checked asap. What you could do is install a oil pressure gauge (which is a good thing to have anyway). Then you will know what your actual pressure is, and if it's the pump or not. Be about the same price as to have it checked anyway.
another thing i notice and should of said is that is not the oil light that comes on its the other oil light with the fuzze lines on the bottom of it, my friend with a shop said its just the oil senor is off or it needs a new one, does that sound right?