Hate to say this, but it sure sounds like the pick-up tube o-ring. How soon after you replaced it did this start, and what was your reason for replacing it in the first place? Did you do it yourself, or did you have someone else do the work? It is possible that the o-ring was damaged during installation or that it had a defect from the manufacturer.
Like others have said, first thing to do is to connect a mechanical gauge and check to be sure that the gauge in the cluster is accurate. I have also seen oil pressure sensors start to give low readings when they get warmed up.