I would check as ECStunning suggested, he made a very good point. Checking to see if your burning any white smoke at any time, checking for oil leaks as suggested in the pic. Your oil light came on and is of concern. Could be a faulty sensor? But without knowing or seeing your problem, we are only able to make suggestions and point you in a possible direction.
Definitely needs looking into.
Just letting you know what I found and was told concerning oil consumption. Everything I checked out was fine, however the illustration pic that ECS linked you to is another valid point of oil consumption.
Grab a flashlight and check the area suggested. How many miles on your vehicle? Did you replace all the gaskets that came with the filter?
Last edited by Mudnyrey; 11-14-2012 at 01:40 PM.