What could be wrong with my 2001 Lincoln Town Car?

you have 2 oil lights one is for oil pressure the other is for oil level and it sounds like the oil level is coming on which is indicating low oil level it suppose to be a quart low or lower before the light comes on. But if you park on a slant the oil light will think its low on oil. Also if you don't change your oil regularly it may not be draining down. if you change oil every 3 to 5 thousand miles i wouldn't worry about the low oil level light coming on.