On my 450 TRX450ES Foreman, the oil light(red) comes on sporadically. The atv was just serviced and the oil changed, oil level may be slightly over full line. This problem has occurred prior to last service. The machine has 2764 miles and 592 hours.
I'm pretty sure the oil light is an oil temperature light, if the oil is not hot then the oil temperature sencer is likely bad. There is an oil cooler on that though, should look into that mabey
The 450 has an oil temperature sensor, so its not a level indicator its an overheat indicator. The sensor is on bottom of the motor, right at the back, easily seen from the right side. Check that the single wire coming off that sensor is firmly plugged in, and hasnt been chafed or pinched. From there it could be a bad sensor or a bad cooling fan control module. Start with the simple stuff first.
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