There is a oil level switch, its located on the bottom of the oil pan. You have to drain the oil to replace this switch.
This is the only oil level sensor that would cause the low oil level light to come on. If the switch has water inside the connector or ice, it can cause this issue. Its best to inspect the wires to make sure they are not cut or chafed. Unplug the sensor to see if the light goes out.
If the sensor is bad, it may be covered under the 5yr/100k mile warranty. You will need to call your local chevy dealership to find out if the switch is covered.
The oil pressure sensor is located just above the oil filter, this will not cause this warnig to come on, only a low oil pressure warning to come on.