You may have a bad sending unit or bad pressure relief valve or a
shorted wire.  I would check the wire first.

For the past few weeks this has been happening. When i first start the
car, when it is cold, I reverse out of my driveway. As soon as I apply
the gas the red oil light comes on and the diagnostic display flashes
oil pressure low. If i let up on the gas, it goes away. If i give it
gas again, it comes right back. As soon as engine warms up, the issue
stops. The gage reads 131 psi. When I give it gas, the psi reads zero.
I checked the oil when it was cold and I have a little over full on the
dip stick.