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The warning system indicates an oil pressure problem. If the oil pressure monitoring system does not see the proper amount of oil pressure to lubricate and protect the engine it will illuminate the light and sound the light and sound the warning. This is a "fail safe" system, so if a sensor was to fail it would also trigger a warning. It "may" be a switch or wiring problem, but it could also be an oil pressure problem. I recommend you get it checked out as soon as possible. The oil pressure should be checked and the warning system tested. Serious engine damage could result from ignoring the warning, it's potentially serious, that's why it beeps.
If the light comes on every time the engine exceeds 2,000 RPM, this may be a sensor. If it only comes on after driving for a period of time, this would indicate possible plugging of the pickup. If the engine is not making any new, excessive, "ticking" or "clacking" noises it is likely safe to drive. No garantees but likely.
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Jake
VW Technician
Over 30 years experience with VW, Audi, BMW. Factory trained, former Shop Foreman, Service Manager