Which do you prefer? I like having a gauge, but I can certainly see the case for the light. I think ideally we would have both. So now I do, on my 1993 Ducati 900 SS, which as delivered comes with just an oil pressure warning light.
I have had three sending units for the idiot light fail over the years. Talk about disconcerting - when the sending unit fails, the oil pressure warning light comes on. This is, apparently, a "known issue" on these bikes (I really hate that term...), so I finally decided to do something about it.
Here is my brand new Autometer mechanical oil pressure gauge. It almost looks like it belongs. And talk about peace of mind...