Ya or bearing starting to spin. What's your coolant look like? Get that fixed ASAP. You could be causing damage if your pump is failing. Check the sensor to make sure it's good too.
Take the oil pressure sensor out, and do your mechanical test from that port. Sensor isn't that bad to get at. I'm 6'4 and about 260 lbs and I can get my gorilla paws in there.
Or skip the test altogether and just swap the sensor out. I betcha its leakin' anyhow.