Key on, engine off, have someone sit and look at the oil pressure gauge and have someone else wiggle around the connector.
0 ohms on the sending unit = 0 psi
90 ohms = full scale reading
Disconnected = more than full scale reading.
If your 'bounce' includes the needle going to more than full scale, your sending unit connector is most likely bad.
The tan middle wire runs the gauge
The orange/black wire is +12v always on from the fuel pump fuse
The tan white wire runs to the fuel pump.
So only the middle tan wire does anything with the gauge.
[This message has been edited by phonedawgz (edited 08-24-2011).]