Re: low oil light on premix
So this boat and motor are brand new to you, it sounds and you have no owner's manual or any information or orientation to it? You might ask the seller or a friend who is familiar with boats and outboards to give you a once-over on this sort of stuff, or if you have a local mechanic or dealer, offer to pay him an hour of time to give you the orientation.
There's some other pretty basic stuff that's easy, but needs to be watched and/or maintained.
Back to the oil alarm:
What you're looking for is a plastic tank that holds about 2 gallons, roughly cube-shaped, white-ish but opaque, say 6" X 10" X 8". It might have a black top on it or might just be a plastic tank. It will have a fill cap and another screwed on part where the float/level switch is located - which will have an oil hose with a priming bulb (looks like fuel hose) and an electrical cable/cord coming out of it.
It is generally back by the engine, but can be as much as 20 feet away, but somewhere where it's easy to fill.
If you can trace the fuel line into the engine, the oil line generally runs alongside it and on inside the engine cover with the fuel line. It hooks into the fuel pump- the same pump the fuel line hooks into, but in a different spot. If you find that oil line, trace it back to where it either ends and is plugged (sometimes with a bolt and a hose clamp), or to where it goes into the oil tank.
Do you see any of this? Look for that tank and report back! We will advise you whether the system is really set up for premix or is set up for automatic oiling
If you're getting a "low oil" signal, unless the system is defective, the signal can only be tripped by level sensor inside the tank.... and that sensor has to be hooked up to the warning system through a cable (two wire cord) coming out of the oil tank.
If the tank isn't there, there can be no actual signal causing the alarm, therefore the alarm must be somehow defective.
But you can be assured, if you're mixing your gas with oil at the 50:1 ratio, the engine won't be harmed by a "low oil" alarm.
