The sensor is loacted on the front driver side of the head. It looks like cylinder that is about as tall as 1/2 its diameter. It has pipe threads on one end (threaded into the head) and a wire on the other end.
To confirm its reading you unscrew the sensor and screw in a mechanical oil pessure testing unit and get a real pressure reading from that.
Is your oil pressure gauge not working? If so the first thing I would check is to see if the wire fell off the sending unit.
jason