Your oil light would have come on when the bike stalled, or wasn't turning fast enough for the oil pump to keep pressure up. I'm guessing water in the fuel as well, or possibly a vacuum leak. Did the light come on first, or did it stall first?
And yes iowazx6r is right, it could be because it isn't green. Hang on, mine's red!!! [:0]
Red 2002 ZX-6R 636
It's not the speed that kills, it's the sudden stop...