Oil will break down over time...if it's been 7-8 months since the last change it might be best to change it now. Better safe than sorry.
Taken from my manual:
Scheduled Maintenance
When the CHANGE ENGINE OIL message comes on, it
means that service is required for your vehicle. Have
your vehicle serviced as soon as possible within the next
600 miles (1 000 km). It is possible that, if you are
driving under the best conditions, the engine oil
life system may not indicate that vehicle service is
necessary for over a year. However, your engine oil and
filter must be changed at least once a year and at
this time the system must be reset. Your GM
Goodwrench® dealer has GM-trained service technicians
who will perform this work using genuine GM parts
and reset the system.
If the engine oil life system is ever reset accidentally,
you must service your vehicle within 3,000 miles
(5 000 km) since your last service. Remember to reset
the oil life system whenever the oil is changed. See
Engine Oil Life System on page 5-18 for information on
the Engine Oil Life System and resetting the system.
When the CHANGE ENGINE OIL message appears,
certain services, checks, and inspections are required.
Required services are described in the following for
“Maintenance I” and “Maintenance II.” Generally,
it is recommended that your first service be
Maintenance I, your second service be Maintenance II,
and that you alternate Maintenance I and Maintenance II
thereafter. However, in some cases, Maintenance II
may be required more often.
Maintenance I — Use Maintenance I if the CHANGE
ENGINE OIL message comes on within 10 months since
the vehicle was purchased or Maintenance II was
performed.
Maintenance II — Use Maintenance II if the previous
service performed was Maintenance I. Always use
Maintenance II whenever the message comes on
10 months or more since the last service or if the
message has not come on at all for one year.