The light stays on pretty much all the time, except when it is cold.

 

its not a check engine light its an oil light . Man sebba your slipping tonight.
When the light comes on it has to do with oil pressure being bad. Just a question but its definetly the oil light right? just making sure.

If it truely is the low oil pressure light, which also how is that guage, does it show allittle lower pressures than normal. If both of these are the case then it sounds like you have a little bearing clearance, which will also explain the noise your hearing. This must be checked and fix right away before you blow the motor. I would have someone check the clearance on your rod bearings and see if there is any

 

lol hey man give me a break it was late...
i sewar i read CEL someplace.... DAMN lol

you beat me to it! Maybe its already too late... it sounds like its already hitting something. Do you have any leaks??? (examine the engine closely)

 

I'm having the same problem, I have a 2001 Montero 3.5 with 97 thousand miles on it.I have always changed the oil regularly, butI did not change the oil the last 6000 miles and my oil lightturned on,and now there is a terrible noise comingfrom the engine. I changed the oil last night, but it still has the noise and the light is still on. I was waiting to change the timing belt at 100 thousand miles. Cuz honestly I do not have the $1000 dollars to get it done.How bad is this? What can I do to fix it? I plan to change the timing belt this weekend.Does anyone have any advice on how to do this? Thank you all in advance for your time and help.