Thank you everyone for your replies! I checked the bolts on the bottom of the v drive and tightened them. I have been monitoring the oil level and have not seemed to have lost any yet after putting a few hours on it. Unfortunately the oil light has still been coming on though.

I ordered a new sensor from the link above but with the tools down at the lake was unable to get the old one off. Will keep the forum posted on if this solved the issue of the light being on.