Q&A

 Master

You either have a problem with the oil pressure relief valve or the oil pressure sensor is faulty. One more possibility is that there's a wiring problem or gauge problem causing the erratic readings.
If the gauge is accurate and the oil pressure is reading correctly, you will damage your engine operating it this way. Zero oil pressure or 130 PSI will result in serious engine damage.
Either try a new oil pressure sensor or connect a test oil pressure gauge and see what the result is. If the sensor replacement fixes it, that's great. If the oil pressure reads normal, that's great. If the sensor doesn't fix it, for whatever reason, you need to know why because abnormal oil pressure will damage your engine.