I'd guess if your oil level is OK then the light indicates low oil pressure.
The metal in your oil could then be from a failing oil pump, but it could also be damage to other components that aren't getting enough oil, such as cam journals or lobes.
I'd probably have a look at the camshaft for visible damage first, then I'd do a blotter spot check on the oil to get an idea of its contamination level, and I'd stick a magnetic recovery tool (I have one that fits) down the dipstick tube and leave it overnight to see how much fuzz and chunks it picks up.
Beyond that I MIGHT consider getting a commercial oil analysis done, but would probably decide not to spend the money.
Then I'd probably get the oil pressure checked. You'll obviously have to run the engine for that, but I wouldn't drive any distance to get it done. Maybe ring around and see if there is a mobile mech who can come to you.
I'd probably buy a gauge and DIY. Everyone should have a hobby, and I can't play the piano..
www.youtube.com/watch?v=I8teB16U0LA
Cost of oil pump repair will depend on design and what, if anything, broke. Mine, for example, is chain driven so it might not cost a lot for me to replace the chain if I could get one, but getting someone else to do it would inevitably be expensive.
If the oil pump is OK, or if you get it fixed, the oil pressure should then give an indication of other damage, which will depend on how long you ran it with low pressure and what oil yoiu were using.
If its not too bad thicker oil (usually a good thing) might buy more time. Since you changed it a month ago, if the oil isn't very contaminated you could add a viscosity improver (assuming you can still get these. I have used Wynn's) rather than changing it again.
This MIGHT, at least temporarily, improve your oil pressure without repairing the pump, if the low pressure is down to general wear rather than actual failure.
OTOH it might finally finish off your oil pump some cold morning.
If DIY isn't an option I'd agree that the prognosis with these symptoms (low oil pressure in particuar) is poor.
Edited by edlithgow on 02/12/2020 at 06:58
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