I'm not sure if the Mk2s had this feature, but the Mk3s certainly do, and I've had to mess around with it a number of times.
There should be a low oil pressure sensor near the top of the engine. All it is essentially (inside) is a spring and electrical contact. When the oil pressure is low, or too low to open the spring, the contact touches the block and grounds the wire.
This will make the oil light blink, but without a buzzer sound. The buzzer sound is indicative of *high* oil pressure. These sensors on the Mk3 are awful and break frequently.
If there is a low pressure sensor on your mk2, I would find it and replace it. They can get gunked up inside and jam the spring so that when you fire up the engine and sufficient pressure is going to the sensor, it won't open up. This will cause the light to blink because the contact remains grounded.
When I had this issue, I found this site really helpful: