What you're talking about is normal. When the ignition and kill switch are turned on, the MIL and oil pressure lights should illuminate and the digital screen should say 'Lo" until the coolant temperature reaches 120+F. The 'Lo' only refers to coolant temp, not oil volume--as other members have already said. The only oil sensor on the engine is for pressure. If there was an oil level sensor, the oil level warning light would go off every time the bike was put into a turn and leaned over.
If the MIL and oil pressure lights go out once the engine is started, and the 'Lo' turns into a numerical reading once the engine warms up, there is nothing wrong. Your owner's manual explains all of this.
I have no spur
To prick the sides of my intent, but only
Vaulting ambition, which o'erleaps itself
And falls on the other. -Macbeth knew I.VII