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3rd Gen Ram Tech2002-2008 Rams: This section is for TECHNICAL discussions only, that involve the 2002 through 2008 Rams Rams. For any non-tech discussions, please direct your attention to the "General discussion/NON-tech" sub sections.
If you REALLY want to know what is going on inside and what the conditions are then connect a mechanical gauge to the engine and see exactly what PSI you are and how long it takes to build pressure. Then you will know if you have an oil pump issue or a oil pressure sending unit issue
That's the very first thing I would do. Why dig into it when there is a possibility of the sending unit being bad. There should be an extra port around the oil filter you can use to add an aftermarket sensor. I would not drive it anymore just in case it is a sludge problem.