What does 96 jetta flashing oil light mean?

My 96 jetta did the same thing it is the oil pressure sensor,wich is located under the hood it looks like a black sparkplug wire and they go bad all the time.its a 7 dollar piece it looks like a spark plug with a little prong on the top that is located in the front of your engine as soon as you open the hood it should be right there in the front you cant miss it.