I was looking around my mom'* 95 SSE today, and I noticed if you look closely at the systems monitor, there is text that says "change oil." Do these cars tell you when you need to change your oil, and if so, should you go by that monitor or not?

No, don't go by those oil interval monitors since they are damn near complete crap.
If you use synthetic oil then they are total crap. The computer in the car uses a formula to determine the life of the oil based of how you drive(lots of idel time, lots of WOT, more highway then stop and go etc.) and sometimes these programs include enviromental conditions as well.

If you are using conventional oil change the oil at around 3000-4000 miles. With synthetic oil you can push that interval to 7000 miles plus. I change mine every 10,000 with amsoil oil and filter.

The oil level indicator works ok but is not that accurate. If it comes on then definetly pull over and give you oil a check by the dipstick but don't count on the indicator alone.

If you use synthetic then definietly do not go by the oil monitor because the algorithim is based of conventional oil.

According to GM'* engineers, the GMOLS system is not a mileage counter. It is actually a computer based software algorithm that determines when to change the oil, based on engine operating conditions. There is no actual oil condition sensor. Rather, the computer continuously monitors engine-operating conditions to determine when to change the oil. Over the years, millions of test miles have been accumulated to calibrate the system for a variety of vehicles. The system was first introduced in 1988 and is now on more than 10 million GM vehicles.

That would be news to me since as far as I have heard is that no one has found a way to get sensors into an engine to test oil.

I will have to ask around and see what I can find out about this.