For years, GM has been using an oil pressure switch that closes and makes contact with as little as 2.5 psi pressure, even on their oil gauge equipped vehicles. Regardless of temperature, engine speed, will always read midway, a dirty trick in my opinion. Provided the pressure is above 2.5 psi.
Looks like the Cruze is using the same kind of a switch, but a bulb instead, so if that bulb is igniting, and that switch is good, your oil pressure is below, I assume, 2.5 psi.
Up to the late 50's, were using a real oil pressure gauge with a tube running to the engine, ha, if that fitting came loose would have hot oil dripping on your legs. Then out of nowhere, this pressure switch and a light bulb replaced a true gauge. Was shocked and have no idea, even to this way, why they picked 2.5 psi for the trip point. So with these cars, would always add a real aftermarket gauge, tube and all.
Also at the time, and still have it, a standard oil pressure gauge, Made in the USA even, and always tested the oil pressure, in particular when buying a used vehicle. Never hooked this gauge to my Cruze, and why should I? With a 100K mile power train warranty.
But if that oil lamp is flashing, you really have serious problems. Being extra paranoid, purchased a half a dozen genuine Delco filters from rockauto.com, not only genuine Delco, but also at the lowest price compared to local prices.