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Q:

THE ENGINE FLUID LIGHT COMES ON HERE AND THERE. NO PROBLEM WITH HEAT. on 2002 Chevrolet Cavalier

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ALSO, THERE'S A TAP OR PING SOUND COMING FROM THE VALVE COVER AREA. IT MAKES THE SOUND APPROX EVERY 30 SECONDS. THE CAR HAS 199,000 MILES AND THE OIL GET CHANGED EVERY 3000 MILES POSITIVELY.
(1) Answer
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The floats sometimes stick in the degas bottle, and they can even sink if there is too much water VS antifreeze in the cooling system. Make sure that the fluid is to the full level, and have the strength of the fluid tested. (You want it good to -30f to -40f)

Hate to guess on the noise, but can imagine a timing chain or guide issue in the early stages of failure could make such a sound. Get it checked out ASAP.