The oil light is an indicator of oil level in your oil injecor tank, the light comes on when oil is low. Does your blaster still have an oil tank and injection? This is commonly removed with pre-mix being neccesary from there on. Make SURE one way or the other. Running without oil is a bad thing!
It is also possible that the bulb is burned out, at the very least, with other electrical probs being possible too.
As for YouTube, were those videos of blasters or other quads? A four-stroke quad has an oil pump and its light coming on at start-up shows a lack of oil pressure and then it goes out as pressure builds.