I have a 1998 3.0 manual Ranger. The issue is what I believe is the Oil Pressure gauge. Its top right on the cluster. Every time I launch from first gear the gauge bottoms out and the check light warning comes on. After about 3 seconds the gauge returns to normal level as I climb through the RPM range. Nothing else happens when the truck does this. The engine continues to run normally. I'm concerned as to what is causing this. Also the gauge stays normal when not under load.
Thanks again for any insight you can provide.

 

Pull your OEM oil pressure sensor and install a proper one and try it again when you're getting a true reading. You'll know whether or not its a bad sensor/ground or if you're running into a worn out bottom end issue. LR

 

Have you checked your oil level? If it's low and you launch it, it may actually not have enough oil to pump causing the pressure drop.