Recently, my oil pressure gauge started fluctuating up and down. Sometimes going down to zero and staying there. If if rev the engine, it jumps back up, but then goes back down again, other times it will stat at normal. The engine oil level is at the right level, and it it seems to be running normally, no abnormal noises or anything. I have had the oil pressure sensor go bad on my in the past, but it went all the way to 120 and stayed there. Could this be the sensor going bad again, or is it the oil pump?

How long since your last oil change.

You can't trust the pressure gauge. Only a mechanical gauge will give the correct reading. Check your grounds and plug on the sensor to make sure it'* clean and dry. If the oil pressure really dropped to zero, you would hear it.

OK, thank you.
Its been about about 2 weeks since I changed the oil, but this just started within the last day.

I'll check the grounds tomorrow once there is some daylight.

Funky sensor/connector/wires.

Mine was doing the same thing, but the problem wasn't anywhere near the Oil Pressure Sensor. It was actually the MAP Sensor connector was unplugged, and touching the engine. This was throwing an erroneous signal throughout the system, making my Oil Pressure, Fuel, and Boost gauge all go wonky.

Also check spark plug wires. You want to keep them as far from the wiring harness as possible.

I've checked the plug wires, they are all out of the way. I looked at the sensor, there appears to be a slight oil leak around the sensor. It was covered in oil, and the electrical connector had oil all over it and inside where it connects. I cleaned it up, but it is still doing that. I'm thinking about just getting a new sensor and putting it in.

The oil sensors are known to go bad, so there'* a good chance replacing it will solve the issue. There is a special socket for removing the sender (which can probably be rented from autozone for free), but if you are careful you can get it in and out with a regular socket as well.

Like Dan mentioned, if your pressure was really zero you would know. Your car would sound a lot like a diesel truck, but then the truck pulls away and you realize its your car.... but I digress.