The dash light indicates oil pressure. When idleing the pressure drops too low and and light comes on. As it revs up, pressure increases.. light goes off.
You should go here and read about low pressure. Too much to copy and paste here.
http://www.buzzle.com/articles/low-oil-pressure-at-idle.html
The small leak onto the exhaust maybe more than just a nuisance, it is a fire hazard. Potential to catch fire. Clean off the COLD header and front pipe with a non flamable solvent cleaner. Also the engine case around the area. You may find the source of the leak.
Step 7: Loosen oil filter. Collect oil when draining and dispose of properly. (Attached to the side or bottom of engine) 
Step 8: Install new oil filter hand tight. Lube the rubber O-ring on oil filter with motor oil, and make sure the O-ring from the old filter is not still on the oil filter connector. 
Step 9: Pour correct amount of new motor oil into engine. 
Step 10: Check for oil leaks from drain plug or oil filter.
Step 11: Turn on engine and continue to check for leaks. Tighten oil drain plug or oil filter if necessary.
Step 13: Lower vehicle from jack and stands or ramps.
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How many miles on the engine? A high mileage engine could have worn bearings that allow a low oil pressure condition to exist at idle, thus the light can come on. Slightly elevating the RPM will increase oil pump output and the pressure will rise above the point where the light comes on.
Also could be as simple as a defective oil pressure sending switch. A good way to know exactly what you have is to take the sending unit out and install a direct reading mechanical gauge. This eliminates all guesswork and will tell you exactly how much oil pressure you really have.
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